New Jersey Publishes Information About Fledgling State HTC Program

Thursday, August 12, 2021 - 10:00am

The New Jersey Economic Development Authority published eligibility and award-size information concerning the state historic tax credit (HTC) that became law when Gov. Phil Murphy signed the Economic Recovery Act of 2020 in January. Eligible properties can receive credits worth up to 40% of qualified rehabilitation expenditures, up to a project cap of $4 million. Properties must be income-producing, qualify as a historic resource by one of four methods, demonstrate a project financing gap and have a developer with an equity participation of at least 20%. There is a statewide cap of $50 million per year for the first six of the seven years for which the credit is approved.

How state and federal HTCs interact will be among the topics at the Novogradac 2021 Historic Tax Credit Conference, Oct. 7-8 in Chicago.