N.J. Admin. Code § 5:47-1.1

Current through Register Vol. 56, No. 23, December 2, 2024

Section 5:47-1.1 - Statement of purpose

(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.

N.J. Admin. Code § 5:47-1.1