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The Economic Opportunity Act of 2013: Incentives and Challenges for Residential Developers

December 18, 2013 | No Comments
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As of November 18, 2013, the New Jersey Economic Development Authority (“EDA”) began accepting applications for the new state-sponsored incentive programs created under the New Jersey Economic Opportunity Act of 2013 (the “Act”). The Act was signed into law by Governor Chris Christie on September 18, 2013 and serves to replace the previous state-sponsored incentive programs known as the ERG (Economic Redevelopment and Growth Program), the BEIP (the Business Employment Incentive Program), the BRRAG (the Business Retention and Relocation Assistance Grant) and the UTHTC (the Urban Transit Hub Tax Credit).

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