S 2804
Establishes the "Urban Wealth Fund Pilot Program."
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- Passed Senate
- Passed General Assembly
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- Became Law
Bill overview
This bill establishes the ‘Urban Wealth Fund Pilot Program’ in New Jersey, aiming to generate revenue from state-owned assets. The New Jersey Economic Development Authority will oversee the program, working with various state agencies to identify and manage suitable assets. Participating municipalities could then use increased revenue to support initiatives like minority-owned business assistance, infrastructure improvements, education investments, and property tax reductions. The program’s effectiveness will be evaluated after five years, with potential recommendations for continuation or permanent implementation.
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