Establishes the "Neighborhood Scholar Revitalization Pilot Program."
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- Introduced
- Passed General Assembly
- Passed Senate
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- Became Law
Overview
This bill establishes the "Neighborhood Scholar Revitalization Pilot Program" to revitalize older cities in New Jersey by incentivizing college graduates to move into targeted residential neighborhoods. The program offers student loan reimbursement payments to graduates who commit to living in these areas for at least two years. It involves four pilot municipalities – Camden, Trenton, Jersey City, and Paterson – and provides a tax credit to businesses located within those municipalities that contribute to a student loan reimbursement fund. The goal is to attract a new middle class and improve the tax base in these struggling communities.
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