Most Aspire projects will be subject to a total award cap of $42 million.
Residential projects also receiving low-income housing tax credits (LIHTC) or projects located in certain economically disadvantaged locations may receive up to $60 million.
Baseline tax credits available
Tax credits equal to 45 percent of project costs, up to $42 million
Bonuses
Atlantic City, Paterson, and Trenton are government restricted municipalities (GRM).
Commercial projects located in a GRM can receive tax credits up to 50 percent of project costs in project support. Newly constructed residential projects that are also utilizing four percent LIHTCs can receive tax credits up to 60 percent of project costs.
Projects using LIHTC or any other project in a Qualified Incentive Tract (QIT), GRM, or municipality with an Municipal Revitalization Index (MRI) distress score of at least 50, can receive tax credits up to $60 million.