>
Residential developers aim for piece of proposed $1B Urban Transit Hub expansion
Residential real estate developers are playing a key role behind the push to pump another $1 billion in incentives into the Urban Transit Hub tax credit program, according to people familiar with the process.
“The one question I have (of this bill) is how much of the added tax credits will go to residential development, since the majority of the approved credits are going to commercial,” said George Vallone, president of Hoboken Brownstone Co. and builder vice president of the New Jersey Builders Association. Adding more tax credits “is a great idea, but I hope the new credits will be allocated to urban multifamily developments — which our cities could use.” (Burd and Eder, NJBIZ)