TRENTON – The Economic Development Authority has agreed to provide $100 million more in Urban Transit Hub Tax Credits to eligible municipalities to help complete various residential projects that are ready to go.
“Staff is recommending that the EDA issue a competitive solicitation for up to $100 million of UTHTCs for residential projects,” EDA documents state.
In February, The EDA temporarily suspended the tax credits for residential projects only after it reached its $250 million cap for such projects.
Following a meeting of the Incentive Committee, EDA members reported that they believed that cap is too low. So, on Thursday, the EDA voted for an additional $100 million in tax credits to be made available for projects that fit the criteria.
Only nine cities are eligible for the UTHTCs. Of those, only a maximum of two projects would be allowed per town, and the amount in UTHTCs can’t exceed 20 percent of the cost of the project.