ATLANTIC CITY, N.J. (AP) – New Jersey lawmakers want to encourage construction of new owner-occupied homes in Atlantic City to more evenly divide the property tax burden in a city where three-quarters of its residents are renters.
State senators Jim Whelan and Robert Singer and Assemblyman Mazzeo introduced a bill Thursday to create the Atlantic City Growth Tax Credit Program.
It offers developers who build new, owner-occupied residential projects a tax credit for construction costs including demolition, capital improvements and land acquisition.
People who buy these units would then be eligible for low-interest mortgages through the New Jersey Housing and Mortgage Finance Agency.
The city is reeling from a financial crisis brought on in part by successful tax appeals from its casinos as the gambling market continues to contract.
Copyright 2014 The Associated Press.
