New Jersey Gov.
Chris Christie’s administration is poised to roll back a tax credit that was supposed to help wealthy developers like David C. Zindell and Richard F. Pizzey, two of the state’s most prominent real estate developers, to make their homes more affordable.
The state Department of Housing and Community Development announced on Thursday that it is proposing a tax break of up to $2 million per property for those developers that can afford to buy the home.
But the state is asking developers to include the incentive in their tax bills for their projects, according to a letter obtained by The Associated Press.
Christie’s office has said that the tax incentive is needed to help homeowners pay for the cost of maintaining and renovating their homes.
It is unclear what kind of tax incentives would be available to developers who already own properties.
The Department of Economic and Community Affairs, which manages the incentive, declined to comment on the proposal Thursday.
The incentive is set to expire in 2023, but is expected to be extended through 2021.
Christie has been criticized for pushing through the tax break despite complaints from some lawmakers who say the tax breaks are a tax giveaway to developers and a boon to developers that would hurt low-income New Jerseyans.
Christie, who has long been a proponent of the incentives, has said the incentives are needed to make housing more affordable for New Jersey residents.
Christie and other lawmakers have also said that they want to ensure that affordable housing is available to all New Jerseyers.
The new proposal comes just days after Christie announced a $1.6 billion investment in a public housing project in the Bronx, which is set for completion this summer.
That development is the largest of its kind in New York State.
Christie signed legislation in May to create a new “housing investment trust fund” to help fund affordable housing in the state.
The plan was opposed by New York Mayor Bill de Blasio and other Democratic lawmakers who argued that the state should focus on housing.
The New Jersey Housing Development Authority is overseeing the development, which will include four units.
The building, located on the East River, will include 200 affordable units that will be used for a variety of purposes, including social services, public education, job training and other support services.
The property also will have three separate public spaces, including a public plaza that is intended to be a gathering place for residents and community groups.