In addition to the loan programs, Cumberland’s Empowerment Zone was allocated $130 million in Empowerment Zone bonds (EZ bonds). The Corporation works with New Jersey Economic Development Authority to issue the EZ bonds, which are low-cost, tax-exempt bonds that can be used to finance qualified Empowerment Zone property.
Projects undertaken by qualified Empowerment Zone businesses may be eligible for the tax-exempt EZ Bond Program. As with many tax-exempt bonding program, there are conditions that must be met to qualify for the financing, as well as requirements that must be satisfied for the life of the bond financing. Most significantly, the borrower must agree that 35% of its employees will be residents of the Empowerment Zone.
If you have a project or business that may benefit from the use of EZ Bond financing, please contact Cumberland Empowerment Zone Corporation staff to determine if you meet the criteria of the program.