When Rutgers University announced last month it planned a $295 million makeover of the heart of the New Brunswick campus, school officials said the historic project could not be built without an Urban Transit Hub tax credit from the state.
One problem: The state hasn’t even looked at Rutgers’ application yet.
The tax credit program, which is designed to spur development near urban train stations, has been on hold because it was nearing its funding cap, state officials said. The New Jersey Economic Development Authority returned all pending applications and stopped taking new applications for residential projects in February.
Late last month, the state Legislature approved additional funding for the Urban Tax Credit program. But it will likely be months before the Economic Development Authority decides whether to restart the part of the program that grants tax credits for residential developments.