New Jersey S3111 provides tax credit to developers for affordable housing projects in distressed neighborhoods.

New Jersey S3111 offers up to $600 million in tax credit to developers for constructing affordable housing projects in distressed neighborhoods. A distressed neighborhood is defined as one within a distressed municipality where the median family income does not exceed 80% of the statewide or applicable metropolitan median family income. The bill aims to create balanced redevelopment in financially troubled municipalities and enhance urban development strategies. It targets transforming urban centers into 24-hour communities with robust residential populations.

New Jersey S3111 provides tax credit to developers for affordable housing projects in distressed neighborhoods.

New Jersey S3111 offers up to $600 million in tax credit to developers for constructing affordable housing projects in distressed neighborhoods. A distressed neighborhood is defined as one within a distressed municipality where the median family income does not exceed 80% of the statewide or applicable metropolitan median family income. The bill aims to create balanced redevelopment in financially troubled municipalities and enhance urban development strategies. It targets transforming urban centers into 24-hour communities with robust residential populations.