Establishes Capital Project Development Loan Program to support certain large-scale redevelopment projects; appropriates $300 million.
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Progress
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- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill establishes the Capital Project Development Loan Program, overseen by the New Jersey Economic Development Authority, to provide low-interest loans for large-scale redevelopment projects deemed ‘transformative.’ These projects could include research and development, healthcare infrastructure, green initiatives, or significant real estate improvements. The bill allocates $300 million from the state’s general fund to support this program and outlines eligibility requirements for borrowers, including public institutions and non-profits.
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