LEGISLATION TO ENCOURAGE RESIDENTIAL DEVELOPMENT IN AC ADVANCES

A measure aimed at bringing more residential home ownership to Atlantic City advanced. The bill would create the “Atlantic City Growth Tax Credit Program” to provide residential developers with a tax credit of up to 80 percent of the developer’s costs for land acquisition, capital improvements, engineering fees and architectural fees to build owner-occupied housing in Atlantic City. Homebuyers who purchase units under this program would be eligible for low-interest mortgages through the New Jersey Housing and Mortgage Finance Agency. It was sponsored in part by Senator Jim Whelan.