The new “NJ Aspire” incentive program, enacted last week by Gov. Murphy as part of the Economic Recovery Act of 2020, is intended to close project financing gaps in proposed redevelopment projects through the issuance of transferable/pledgeable state tax credits. The program replaces the Economic Redevelopment Growth (ERG) grant program that expired in June 2019. The real estate attorneys at Sills Cummis & Gross P.C. have digested the 249-page bill and prepared a detailed summary of the “NJ Aspire” program.
