Governor Signs Second Economic Stimulus Package
Looking to further jump-start the state's sluggish economy, Governor Jon S. Corzine was in Newark on Monday signing major economic recovery legislation aimed at creating jobs and making New Jersey even more business friendly.
“Without a doubt, the current global economic crisis has presented us with of one our greatest challenges, but it is also one of our greatest opportunities,” said Governor Corzine.
Last October, the Governor called a special session of the Legislature to deal with the global economic crisis. That led to the passage of a far-reaching, multi-faceted Economic Recovery and Assistance Plan. The bill signed on Monday builds upon those earlier initiatives by providing opportunities for new public-private partnerships, encouraging smart growth in urban areas and investing in affordable housing.
The bill, S-2299/A-4048 does the following:
• Establishes an Economic Redevelopment and Growth (ERG) Grant Program in the New Jersey Economic Development Authority (EDA) to provide grants to help fill-in project financing gaps when developers are unable to secure financing from other sources
• Revises the Urban Transit Hub Tax Credit Act and the Technology Business Tax Certificate Transfer Program so more businesses can take advantage of the program
• Places a moratorium on the Council on Affordable Housing (COAH) “Statewide Non-Residential Fee Act” which imposed a 2.5 percent development fee on commercial projects
• Authorizes $15 million in grants to municipalities for affordable housing projects
• Improves the financing for higher education facilities in New Jersey by allowing state and county colleges to enter into public-private partnerships for on-campus construction projects
“Without a doubt, the current global economic crisis has presented us with of one our greatest challenges, but it is also one of our greatest opportunities,” said Governor Corzine.
Last October, the Governor called a special session of the Legislature to deal with the global economic crisis. That led to the passage of a far-reaching, multi-faceted Economic Recovery and Assistance Plan. The bill signed on Monday builds upon those earlier initiatives by providing opportunities for new public-private partnerships, encouraging smart growth in urban areas and investing in affordable housing.
The bill, S-2299/A-4048 does the following:
• Establishes an Economic Redevelopment and Growth (ERG) Grant Program in the New Jersey Economic Development Authority (EDA) to provide grants to help fill-in project financing gaps when developers are unable to secure financing from other sources
• Revises the Urban Transit Hub Tax Credit Act and the Technology Business Tax Certificate Transfer Program so more businesses can take advantage of the program
• Places a moratorium on the Council on Affordable Housing (COAH) “Statewide Non-Residential Fee Act” which imposed a 2.5 percent development fee on commercial projects
• Authorizes $15 million in grants to municipalities for affordable housing projects
• Improves the financing for higher education facilities in New Jersey by allowing state and county colleges to enter into public-private partnerships for on-campus construction projects
