Establishes a three-year pilot program to provide grants to community investment projects in selected municipalities.
The bill establishes the "Community Investment and Local Ownership Pilot Program" within the New Jersey Economic Development Authority. This three-year program aims to incentivize investments in local economic development projects or business investments in selected pilot municipalities. The program will provide state matching contributions to community investment projects that receive individual contributions. The authority will select six pilot municipalities based on various factors, including economic conditions.
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