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Opening Soon: Apply for Tax Credits for Historic Property Rehabilitation in NJ

Monday, November 27, 2023

ELIGIBILITY

To receive tax credits through the Historic Property Reinvestment Program, a project must:

  • Demonstrate that without the tax credit award, the rehabilitation project is not economically feasible.
  • Prove that a project financing gap exists, and the tax credit award being considered for the project is equal to or less than the project financing gap.   
  • Not have commenced any construction or rehabilitation activity at the site of the rehabilitation project prior to submitting an application and will not commence any construction or rehabilitation activity until the execution of the Rehabilitation Agreement (with certain limited exceptions).
  • Include business entity contributed equity of at least 20 percent of the total project costs; or 10 percent of the total project costs, if located in a government-restricted municipality.
  • Meet minimum cost requirements where the cost of rehabilitation for the selected rehabilitation period cannot not be less than the greater of the adjusted basis of the structure or $5,000.
  • For a residential project, the structure must serve a residential rental purpose and also contain at least four dwelling units.
  • Be a rehabilitation project.
 

Eligibility Self Assessment Tool

The Eligibility Self-Assessment can walk you through the basic eligibility criteria for the Historic Property Reinvestment Program.  

Learn More

Rehabilitation Project is defined as a specific construction project or improvement or phase of a project or improvement undertaken by a business entity that includes the rehabilitation of a qualified property, or transformative property.


Qualified Property is defined as a property located in the State of New Jersey that is an income producing property, and that is:

  • Individually listed, or located in a district listed on the National Register of Historic Places, the New Jersey Register of Historic Places, or the Pinelands Commission; OR
  • Individually identified or registered, or located in a district identified or registered, for protection as a significant historic resource by a municipality in accordance with criteria for identification or registration that has been approved by the Officer as suitable for substantially achieving the purpose of preserving and rehabilitating buildings of historic significance within the jurisdiction of the municipality

If located within a district the property must be contributing to the historic significance of the district.

Transformative Project is defined as a specific construction project or improvement or phase of a project or improvement undertaken by a business entity that includes the rehabilitation of a transformative property.

Transformative Property is defined as a property located in the State of New Jersey that is an income producing property, and that is:

  • An income producing property, not including residential, whose rehabilitation the Authority determines will generate substantial increase in State revenues through the creation of increased business activity within the surrounding areas
  • Individually listed on the New Jersey Register of Historic Places
  • Received a Determination of Eligibility from the Keeper of the National Register of Historic Places
  • Located within a one-half mile radius of the center point of a transit village, as designated by the NJDOT and within a city of the first class, OR located within a government restricted municipality

Questions regarding the Historic Property Reinvestment Program can be addressed to [email protected].

Posted by on Monday, November 27, 2023 at 09:00 AM in Gloucester City History, New Jersey , New Jersey CENTRAL, NEW JERSEY CITY U. (NJCU), South Jersey | | Comments (0)

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