Officials in Bayonne, N.J., had planned to use tax increment financing to renovate a former military site into a mixed-use development but will now need to consider other financing options due to a new state stimulus law.

The new stimulus initiative replaces tax increment financing, called revenue allocation district, or RAD, financing in New Jersey, with a new economic redevelopment and growth grant program. The ERGG program will offer grants to developers in areas in need of redevelopment.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.