New Jersey Neighborhood Homes Investment Act establishes a gross income tax credit for certain residential developments.

The New Jersey Neighborhood Homes Investment Act establishes a gross income tax credit for certain residential developments. The bill defines a qualified project as either the substantial rehabilitation of a qualified residence owned by a qualified homeowner or the construction of a qualified residence for purchase by an eligible purchaser in an affordable sale. A qualified residence must meet specific criteria, including being located within a designated area of a qualified project. The bill also outlines penalties for homeowners who do not reside in their homes for the required period.

New Jersey Neighborhood Homes Investment Act establishes a gross income tax credit for certain residential developments.

The New Jersey Neighborhood Homes Investment Act establishes a gross income tax credit for certain residential developments. The bill defines a qualified project as either the substantial rehabilitation of a qualified residence owned by a qualified homeowner or the construction of a qualified residence for purchase by an eligible purchaser in an affordable sale. A qualified residence must meet specific criteria, including being located within a designated area of a qualified project. The bill also outlines penalties for homeowners who do not reside in their homes for the required period.