Historic Property Reinvestment Program (HPRP)
Tax credit program leveraging the federal historic tax credit program to support rehabilitation of identified historic properties. Awards up to $50 million for transformative properties; up to $12 million in qualified incentive tracts.
About this program
Application opened December 22, 2025. Award percentages vary 45-60% by location. Tax credits transferable; min sale 85% of value (75% for LIHTC residential).
Eligibility
Income-producing properties identified as historic by NJ/National Register, Pinelands Commission, or local historic district designation. Must demonstrate project not economically feasible without credit and a project financing gap exists (waived for projects in Government Restricted Municipalities or projects under $5M). Must not have started construction prior to application (limited exceptions).