Aspire Program
Place-based gap financing tax credit program supporting commercial, mixed-use, and residential real estate development projects in NJ. Replaces the Economic Redevelopment and Growth Grant (ERG) program. Supports transit-oriented development.
About this program
Limited tax credits available; increase anticipated July 1, 2026 (FY 2027). 10-year tax credit disbursement period. Program sunsets March 1, 2027 unless extended.
Eligibility
Developers with at least 20% equity participation (10% in Government Restricted Municipalities). Project must be in eligible incentive area and meet minimum size/cost thresholds. Must demonstrate financing gap and below-market rate of return without award. All residential projects must include at least 20% affordable housing. Must be in substantial good standing with NJ DOL, NJ DEP, and Treasury.