NJ S942

Expands the definition of "qualified assistance fund expense" under New Jersey's Urban Enterprise Zones Act to explicitly include purchasing, leasing, or otherwise acquiring land or property.

Adds property acquisition as an allowable expense for construction projects improving, altering, or repairing real property of qualified businesses in enterprise zones.

Permits UEZ assistance fund loans, grants, and guarantees to businesses to be applied toward land or property acquisition.

Allows property acquisition costs for public infrastructure improvements in commercial or transportation corridors and for infrastructure related to commercial, industrial, mixed-use, or multi-family residential properties.

Amends P.L.1983, c.303 (C.52:27H-62) and takes effect immediately upon enactment.