New Jersey Administrative Code
Title 5 - COMMUNITY AFFAIRS
Chapter 47 - NEIGHBORHOOD REVITALIZATION STATE TAX CREDIT
Subchapter 1 - GENERAL PROVISIONS
Section 5:47-1.1 - Statement of purpose
Universal Citation: NJ Admin Code 5:47-1.1
Current through Register Vol. 56, No. 18, September 16, 2024
(a) The purpose of these rules is to implement the provisions of the Neighborhood Revitalization State Tax Credit Act, P.L. 2001, c. 415 (52:27D-490 et seq.).
(b) The purpose of the Neighborhood Revitalization State Tax Credit Act is to foster the revitalization of New Jersey's low-and moderate-income neighborhoods through comprehensive strategies driven by residents and other public and private stakeholders within the neighborhood; specifically:
1. To encourage
community-based neighborhood planning;
2. To provide flexible resources for
community-based organizations to carry out strategies established in
neighborhood plans;
3. To build the
capacity of local and community-based organizations to carry out neighborhood
revitalization activities;
4. To
attract private investment into New Jersey's low-and moderate-income
neighborhoods; and
5. To foster
ongoing partnerships between private corporations and community-based
development organizations.
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