NJ Hospital Closures May be Offset by Incentives
Green is the sponsor of A-3043, also known as the Heath Care Facility Repurposing and Revitalization Tax Credit Act. The bill, which is wending its way through the state legislature, would allow over 10 years, tax credits equal to100% of capital investment for developers who buy former hospitals that have lost their state certificate of need and who repurpose the buildings as medical arts malls.
To qualify, developers will have to demonstrate that:
- They need the tax credits to make project financially viable
- At least 50% of the net leasable space of the repurposed building will be dedicated to non-acute healthcare and support services
- The facility "will not destabilize the supply and delivery of acute care health services in its market"
- The tenants will employ at least 100 people
- The developer will spend at least $10 million on the project
- That it will yield a net positive effect for state and local government
"It's needed because we have a lot of hospitals in New Jersey closing," Green says. "There is no other way of financing someone coming in that might want to reopen it maybe as a scaled-down facility. Without some creative financing that is hopeless."
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