New Jersey Heritage Development Coalition

Benefits

A small investment will provide BIG returns for NJ!

• 900 new tax credit-created jobs annually
• $38 million added to household income
• $77 million Increase in state output (business-to-business sales)
• $51 million increase in NJ Gross State Product

   - NJ Economics study, 2003

29 States already have successful Economic Growth records with historic rehab economic stimulus programs!

• Missouri: $1.06 billion annual economic impact
• Florida: $2 returned for each $1 invested - 10-fold return for the Main Street program
• Virginia: $316+ million in rehabilitation spurred
• Maryland, New York, Delaware, Connecticut + 25 more states have similar state historic tax credits

“Rhode Island’s $145.47 million investment in the tax credit is generating $795.25 million in economic activity. Each $1 of state tax credit investment is leveraging $5.47 in total economic output... adding $242.5 million to the tax base of local communities, generating on a present value basis $179.4 million in additional property tax revenue, $42.14 million in sales and income tax revenue. 75% of the projects and 83% of total investment are in census tracts where family income levels are below the statewide median”

- GrowSmart Rhode Island

HPRA will help create or revitalize affordable housing by

• helping first time and moderate income homebuyers through a credit transfer provision that allows Lender to use tax credit and lets homeowner buy down rate or reduce mortgage
• encourage low-income rental housing where it’s needed, by partnering with the federal low-income housing tax credit