The New Jersey Economic Opportunity Act of 2013 was signed into law on September 18, 2013. The Act streamlines New Jersey’s five existing economic development incentive programs into two: the Grow New Jersey Assistance (Grow NJ) Program and the Economic Redevelopment and Growth (ERG) program.
Fort Monmouth is a Qualified Incentive Area and a Priority Area for Grow NJ, the State’s primary job creation/job retention tax incentive. Portions of the Fort are also eligible for the ERG program, which can fill funding gaps in commercial and residential development projects for businesses and developers. Both programs are administered by FMERA’s sister agency, the New Jersey Economic Development Authority (EDA).
For a summary of the Economic Opportunity Act of 2013, click here: “EDA Now Accepting Applications For Incentive Programs Expanded Under the New Jersey Economic Opportunity Act of 2013”. Please note that the summary has been updated to reflect EOA 2014, Part 3, enacted October 24, 2014.
Additionally the New Jersey Housing and Mortgage Finance Agency works closely with developers, providing a variety of services and programs to assist them with the production and preservation of affordable housing. Visit them at http://www.nj.gov/dca/hmfa/.
For more information on these and other programs, please view the New Jersey Business Action Center’s Financing and Incentives page at http://www.nj.gov/njbusiness/financing/.