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