New Jersey would match donations to selected local projects

The Economic Development Authority would run a three-year program that matches eligible donations to approved local projects dollar for dollar. The Authority would select two municipalities in each of the northern, central, and southern regions. Projects must be local development or business investments that the Authority finds would benefit from community funding. Projects must be in one of six selected municipalities and must partner with a qualified financial intermediary. Project owners must offer each donor an Authority-approved financial or ownership interest. The Authority would review applications as funds are available. The pilot would run for three years after it is established.

The bill would put $30 million into a special fund for the program’s state matching contributions. The fund would be held by the New Jersey Economic Development Authority. The money would go to the Authority’s fund for matching contributions to qualified financial intermediaries. The appropriation would take effect when the act takes effect.