The Historic Property Reinvestment Program focuses on historic preservation as a component of community development. The program, which is capped at $300 million over six years, encourages long-term private investment into the State, while preserving properties that are of historic significance. The program can be used to leverage the federal Historic Tax Credit Program to incentivize rehabilitation of identified historic properties.
The Historic Property Rehabilitation Program awards are calculated based on a percentage of the cost of rehabilitation (eligible costs), with the percentage dependent on both whether the project includes a qualified property or a transformative property and on location of the project. Most eligible projects can receive tax credits worth up to 40 percent of eligible costs with a maximum project cap of $4 million for qualified properties. Eligible projects located within a qualified incentive tract or in government-restricted municipalities can receive tax credits worth up to 45 percent of eligible project costs with a maximum project cap of $8 million for qualified properties. Transformative projects can receive tax credits worth up to 45 percent of eligible project costs with a maximum project cap of $50 million. Awards are scored on a competitive basis.
“Business entity”, “developer” or “applicant” means a person who enters or proposes to enter into a rehabilitation agreement pursuant to the provisions of section 4 of P.L. 2020, c. 156 (N.J.S.A. 34:1B-272) and that has or will have site control over the qualified property or transformative property, including, but not limited to, a lender that completes a rehabilitation project, operates a rehabilitation project, or completes and operates a rehabilitation project.
“Co-applicant” means an entity that is non-profit for taxation purposes under the provisions of Section 501(c)3 of the Internal Revenue Code; contributes capital, real property, or services related to the project that directly affect and serve the anticipated residents, tenants, or customers of the tenants of the redevelopment project; and enters into a participation agreement with the business entity that specifies the co-applicant’s participation in the redevelopment project.
“Rehabilitation project” means 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” means a property located in the State of New Jersey that is an income producing property, and that is:
“Transformative property” means a property that is:
“Archeology and historic preservation standards” means the Secretary of the Interior's Standards and Guidelines for Archeology and Historic Preservation, 48 Fed. Reg. 44716, as updated and revised by the National Park Service.
The full application requires detailed information and supporting documentation about your company, affiliates, and the proposed project for which you are applying for tax credits. Please be advised that the application fee is non-refundable.
The application is broken down into various sections. You will not be able to proceed further into the application without completing all required fields and uploads within the current section. Progress on the application can be saved as you complete each section. At all times, you will be able to go back to sections that you have already completed.
This full application will take several hours to complete. Please read the prompts to questions carefully and provide professionally written responses that address all details requested in the questions in the suggested length of text.
It is HIGHLY RECOMMENDED that you download a copy of the example application and applicant checklist in order to collect written responses and required documents prior to filling them in on this online form.
It is also HIGHLY RECOMMENDED to use file naming conventions that facilitate rapid application completeness review.
Uploaded file names should:
The Historic Property Reinvestment Program is a competitive program and all applications submitted will be evaluated based on pre-established evaluation criteria which will be used to allocate tax credits in circumstances where the request for tax credits exceed the annual maximum cap established by the statute. The applicant is strongly encouraged to carefully review the entirety of the application and all attachments and confirm that all information submitted is accurate and complete prior to submission. No changes or additions will be permitted once application is submitted.
Please note application pages are saved upon clicking "NEXT" and moving to the next section.
Application fee paid as part of an application submission is non-refundable.
In the event of any questions, please contact: C. Aidita Milsted, Director, Historic Preservation, at email@example.com