>With demand strong, EDA shelves residential Urban Transit Hub applications
The state Economic Development Authority will temporarily stop accepting applications for residential projects under the Urban Transit Hub tax credit program, agency officials said today, as the demand for residential tax credits has outpaced availability.
At the EDA’s monthly board meeting, in Trenton, CEO Caren S. Franzini said the incentive program was about $30.5 million from reaching its $250 million cap on residential tax credits. She recommended the remaining allocation be reserved for projects that were previously approved and “ready to go,” but in need of additional credits to close their financing gaps. (Burd, NJBIZ)
