March 2018

New Opportunities for Urban and Distressed Areas

By: Ted Zangari, Esq. and Jaime Reichardt, Esq.

The newly enacted federal Opportunity Zone program could be a game changer for economic development and tax incentive policy here in New Jersey and across the country. The program provides a new avenue for directing investment into certain urban and distressed areas with significant tax benefits.

The Opportunity Zone program was enacted as part of the recently signed Tax Cuts and Jobs Act and provides an opportunity to defer current capital gains and reduce future gains for investing in certain funds organized to direct capital into businesses and property based in the specified zones. The designated zones are selected by the Governor of each state from certain eligible low-income community census tracts, or those eligible for New Market Tax Credit projects.

Continue Reading Gov. Murphy Announces “Opportunity Zones” Recommended to Federal Government

The Superior Court of New Jersey, Appellate Division, recently affirmed an unpublished decision of the Law Division that reached two conclusions favorable to developers.  In that prerogative writ action, a resident asserted numerous challenges to the designation of thirteen properties as an area in need of redevelopment, pursuant to the Local Redevelopment and Housing Law.

Continue Reading Appellate Division Affirms Pro-Developer Decision Regarding Redevelopment Area Designation