The Historic Property Reinvestment Program focuses on historic preservation as a component of community development. The Program 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:

  1. Individually listed, or located in a district listed on the National Register of Historic Places in accordance with the provisions of chapter 3021 of Title 54, United States Code (54 U.S.C. s.302101 et seq.), and if located within a district, certified by the Officer as contributing to the historic significance of the district; or
  2. Individually listed, or located in a district listed on the New Jersey Register of Historic Places pursuant to P.L. 1970, c. 268 (N.J.S.A. 13:1B-15.128 et seq.), and if located within a district, certified by the Officer as contributing to the historic significance of the district; or
  3. Individually designated, or located in a district designated, by the Pinelands Commission as a historic resource of significance to the Pinelands in accordance with the Pinelands comprehensive management plan adopted pursuant to the “Pinelands Protection Act,” P.L. 1979, c. 111 (N.J.S.A. 13:18A-1 et seq.), and if located within a district, certified by the Pinelands Commission as contributing to the historic significance of the district; or
  4. Individually identified or registered, or located in a district composed of properties or structures and such district is identified or registered, for protection as significant historic resources in accordance with criteria established by a municipality in which the property, structure or district is located if the criteria for identification or registration has been approved by the Officer as suitable for substantially achieving the purpose of preserving and rehabilitating buildings of historic significance within the jurisdiction of the municipality, and if located within a district, certified by the Officer as contributing to the historic significance of the district.

“Transformative property” means a property that is:
 
  1. An income producing property, not including a residential property, whose rehabilitation the Authority determines will generate substantial increases in State revenues through the creation of increased business activity within the surrounding area;
  2. Individually listed on the New Jersey Register of Historic Places pursuant to P.L. 1970, c. 268 (N.J.S.A. 13:1B-15.128 et seq.) and which, before the enactment of P.L. 2020, c. 156 (N.J.S.A.34:1B-269 et al.), received a determination of eligibility from the Keeper of the National Register of Historic Places in accordance with the provisions of Part 60 of Title 36 of the Code of Federal Regulations; and
  3. Located within a one-half mile radius of the center point of a transit village, as designated by the New Jersey Department of Transportation, and located within a city of the first class, as classified under N.J.S.A. 40A:6-4, or located within a government-restricted municipality.

“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 may 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.

Please note, application pages are saved upon clicking "NEXT" and moving to the next section.

It is HIGHLY RECOMMENDED that you complete the Eligibility Self-Assessment Tool on the NJEDA’s Historic Property Reinvestment Program webpage to review basic eligibility criteria for the Program prior to starting an application.

It is also HIGHLY RECOMMENDED that you download a copy of the example application and applicant checklist from the NJEDA’s Historic Property Reinvestment Program webpage to collect written responses and required documents prior to starting the online application form.

Applicants are advised to use file naming conventions that facilitate rapid application completeness review.

Uploaded file names should:
 
  • Be identifiably connected to the project;
  • Accurately describe file contents and application element; and
  • Denote date modified or file version number

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 exceeds 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.

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 HistoricTaxCredit@njeda.gov.
 

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