Rules for the New Historic Property Reinvestment Program Approved

February 10, 2022 | njbmagazine.com

Program is Designed to Work in Conjunction with the Federal Historic Tax Credit Program

The New Jersey Economic Development Authority (NJEDA) board yesterday (2/9) approved proposed rules for the Historic Property Reinvestment Program (HPRP), a new tax credit program to incentivize rehabilitation of designated historic structures, or structures in designated historic districts, throughout New Jersey. Created under the New Jersey Economic Recovery Act of 2020 (ERA), the HPRP is designed to work in conjunction with the Federal Historic Tax Credit Program.

NJ SEED: It is a worthy goal to focus on restoring to some useful purpose underutilized sites that have historic significance by offering tax credits to attract private sector investors.