By Terrence T. McDonald | The Jersey Journal
on September 04, 2015
Mayor Steve Fulop rolled out a new tax abatement policy yesterday, one he said is integral to a push for affordable housing in all neighborhoods of the city.
The new policy, his second ravamp of city tax abatements since he was elected mayor in 2013, includes new zones that the city says will encourage real-estate development in underdeveloped neighborhoods and new guidelines to encourage affordable housing throughout the city.
The policy, already enacted for recent projects like the two high-rises slated for the old Pep Boys on Marin Boulevard, was created, city officials say, using neighborhood-level data that allowed the city to separate the city into four zones that have different subsidy possibilities and affordability requirements.
Photo: Jersey City Mayor Steve Fulop is introducing a new plan that he says will boost affordable housing. Reena Rose Sibayan | The Jersey Journal (Jersey Journal file photo)