Date: November 11, 2022Attorney: Martin D. Hauptman

Effective November 7, 2022, the New Jersey Economic Development Authority has adopted N.J.A.C. 19:31-26 et seq., to provide regulations for the historic property reinvestment program that was first enacted in 2020. The regulations deal with eligibility criteria; application submission requirements; fees; review and approval of completed applications; approval letters and rehabilitation agreements; reporting requirements and annual reports; applications for tax credit transfer certifications; assignment of rights of rehabilitation agreements; affirmative action and prevailing wage criteria; reduction and recapture of tax credits; and appeals.

Read more from the NJEDA regarding this update here.