61. a. Up to the limits established in subsection b. of this section and in accordance with an incentive award agreement, beginning upon the receipt of occupancy permits for any portion of the redevelopment project, or upon any other event evidencing project completion as set forth in the incentive award agreement, a developer shall be allowed a total tax credit that shall not exceed:

(1) 80 percent of the total project cost for a redevelopment project that is located in a government-restricted municipality;

(2) 60 percent of the total project cost for a residential project that receives a four-percent allocation from the federal Low Income Housing Tax Credit Program administered by the agency or a redevelopment project that is located in a qualified incentive tract, enhanced area, or a municipality with a Municipal Revitalization Index score of at least 50; or

(3) 50 percent of the total project cost for any other redevelopment project.

b. The value of all tax credits approved by the authority under the program for a redevelopment project phase shall not exceed:

(1) $120,000,000 per redevelopment project or phase for a redevelopment project that is located in a government-restricted municipality;

(2) $90,000,000 per redevelopment project or phase for a redevelopment project that is allowed a tax credit under paragraph (2) of subsection a. of this section; and

(3) $60,000,000 for any other redevelopment project or phase.

L.2020, c.156, s.61; amended 2021, c.160, s.27; 2023, c.98, s.7.