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The New Jersey Economic Recovery Act Of 2020: An Overview Of The New Jersey Aspire Program | Greenbaum, Rowe, Smith & Davis LLP


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The New Jersey Economic Recovery Act of 2020 (ERA), a seven-year, $14 billion package of incentive programs intended to encourage New Jersey job growth, property development and redevelopment, community partnerships, and numerous other economic development initiatives, was signed into law by Governor Phil Murphy on January 7, 2021.
This Client Alert focuses on the New Jersey Aspire Program, enacted as part of the ERA to provide tax credit incentives to developers to help close project financing gap costs associated with commercial, mixed use, and residential real estate development projects that could otherwise prevent those projects from becoming a reality. The Aspire Act is poised to serve as the replacement program for the Economic Redevelopment & Growth (ERG) Program. ....

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