Bill Text: NJ S3170 | 2024-2025 | Regular Session | Introduced
Bill Title: Makes FY 2024 supplemental appropriation of $30 million to DCA for Neighborhood Revitalization Tax Credit program.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced) 2024-05-09 - Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee [S3170 Detail]
Download: New_Jersey-2024-S3170-Introduced.html
Sponsored by:
Senator TROY SINGLETON
District 7 (Burlington)
SYNOPSIS
Makes FY 2024 supplemental appropriation of $30 million to DCA for Neighborhood Revitalization Tax Credit program.
CURRENT VERSION OF TEXT
As introduced.
A Supplement to the annual appropriations act for the fiscal year ending June 30, 2024, P.L.2023, c.74.
Be It Enacted by the Senate and the General Assembly of the State of New Jersey:
1. In addition to the amounts appropriated under P.L.2023, c.74, the annual appropriations act for the fiscal year ending June 30, 2024, there is appropriated from the General Fund the following amount for the purpose specified:
22 DEPARTMENT OF COMMUNITY AFFAIRS
40 Community Development and Environmental Management
41 Community Development Management
GRANTS-IN-AID
02-8020 Housing Services................................................ $30,000,000
Total Grants-in-Aid Appropriation,
Community Development Management ....... $30,000,000
Grants-in-Aid:
02 Neighborhood Revitalization
Tax Credit Program.......................... ($30,000,000)
2. This act shall take effect immediately.
STATEMENT
This bill appropriates an additional $30 million from the General Fund to the Department of Community Affairs (DCA) for the Neighborhood Revitalization Tax Credit program. The program provides grants to community nonprofit organizations that, under revitalization plans approved by the DCA, invest in local improvements to benefit low and moderate income neighborhoods.
The regular program is funded by business entities that provide funding for qualified projects, and thereby earn tax credits. However, those tax credits are capped by permanent law at $15,000,000 per year. This bill would provide another $30,000,000 to support these neighborhood revitalization projects.
