Aspire Program

The Aspire Program is a tax credit incentive program administered by the New Jersey Economic Development Authority (“NJEDA”) for commercial, mixed-use and residential projects.


  • This program is subject to rules/regulations to be issued by the NJEDA.
  • This outline does not include all of the provisions and requirements under the Aspire program.


  • Must be located in an incentive area- Planning Area 1 (Metropolitan), Planning Area 2 (Suburban) or a Designated Center.
  • Must demonstrate that a project financing gap of 20% exists or the NJEDA must determine that the redevelopment project will generate a below market rate of return.
  • Must comply with minimum environmental and sustainability standards.
  • Subject to affirmative action requirements.
  • Subject to prevailing wage requirements for construction workers and building services workers.
  • Project must be completed within 4 years of executing the incentive award agreement.

Additional eligibility requirement for a commercial project

  • Developer must have at least 20% equity participation of the total project cost.

Additional eligibility requirement for a residential project consisting of newly constructed residential units

  • Residential projects subject to affordable housing set aside requirements.

Application and Consideration Process

  • Must be submitted prior to March 1, 2027 and include a letter of support from the governing body.
  • Must demonstrate that the award of tax benefits will yield a net positive benefit to the State.


  • First come, first-served basis.
  • Credits awarded up to 15 years for commercial/mixed-use projects and up to 10 years for residential projects.

Community Benefits Agreement

  • Must be entered into with the NJEDA and the county or municipality for projects with a total project cost equal to or exceeding $10 million, but it is not required if there is a redevelopment agreement that has been certified by the municipality.

Tax Credits

  • Total tax credits not to exceed 45% and in some cases up to 50% of the total project costs.
  • Value of credits approved shall not exceed $50 million per redevelopment project if located in a qualified incentive tract, government-restricted municipality or municipality with a Municipal Revitalization Index distress score of at least 50, or $32 million for all other projects.
  • Tax credits can be sold by the developer.

For more information, please contact Nick Talvacchia at (609) 572-7544 or or Rebecca Lafferty at (609) 572-7550 or

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