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New Jersey Boosts Amount of Aspire Funding Available to Certain LIHTC Developments

Friday, July 7, 2023 - 11:45AM

Legislation signed into law by New Jersey Gov. Phil Murphy will increase the annual cap for a special state tax incentive for certain properties that receive low-income housing tax credits (LIHTCs). S.B. 4023 makes changes to Aspire, a $14 billion tax incentive gap-filling program launched in 2020. Provisions include increasing the cap from $60 million to $90 million per redevelopment project that receives a LIHTC and is in a designated incentive area.

State and federal housing incentives will be a topic at the Novogradac 2023 Housing Tax Credit and Bonds Conference, Sept. 28-29 in New Orleans.

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