According to this article, “The idea of overhauling New Jersey’s package of business incentives has been widely praised in the business community, but the proposed changes could have a significant impact on how – and where – the state supports residential development.
Ted Zangari, a real estate attorney with Sills Cummis & Gross, said the new rules ensure money will go where it’s needed most.
‘The beauty of the developer incentive is that there is a subsidy available … only where a developer demonstrates to the EDA that, after exhausting all other sources of public and private financing, a nagging construction gap persists that must be filled in order for the project to move forward,’ Zangari said.”
