NJ S2951

Amends the New Jersey Aspire Program to create a new "institutional project" category for redevelopment projects developed by or affiliated with universities holding Carnegie R1 or R2 research designations, where at least 51% of square footage is dedicated to qualified research and development activities

Defines "distressed hospital project" as health care systems operating at least four acute care hospitals, providing minimum $250,000 annually in charity care services over five years, and owned by a 501(c)(3) organization that has filed for bankruptcy

Expands eligible project costs for institutional projects to include research workspaces, classrooms, dining facilities, dormitories, common areas, hallways, utility rooms, storage areas, and parking components

Allows distressed hospital projects to include land costs up to 20% of eligible project costs and permits a shortened five-year eligibility period option (matching government-restricted municipality projects)

Reduces developer capital contribution requirements to $30,000,000 minimum for institutional projects and exempts distressed hospital projects entirely from developer capital contribution requirements