TRENTON, N.J. — Senator Benjie Wimberly and Assemblyman Kenyatta Stewart (both D-Bergen, Passaic) introduced legislation to establish a three-year program that gives residents a direct financial stake in local economic development projects while using state dollars to support investment in communities across New Jersey.

The legislation would establish the pilot program within the New Jersey Economic Development Authority (NJEDA) and provide a 100-percent state matching contribution for eligible individual investments in approved community investment projects. The bill appropriates $30 million to support the program.

“Our ideal is that every child has access to the opportunities that give them a competitive start, but the reality is that too many do not,” said Senator Wimberly. “Those children grow up, but their dreams do not disappear. They become adults with ideas, plans, families, and a vision for what their lives can be; they may simply need a stronger foundation to build from. This legislation says, we, as the state, believe in you as our neighbor; we are willing to invest alongside you; and when you have a real opportunity to succeed, our families and our communities are stronger because of it.”

Under the proposed program, individuals could contribute between $50 and $500 to approved community investment projects, such as affordable housing, community revitalization projects, and other localized economic development initiatives. The State would then match those contributions dollar-for-dollar. In exchange, participating project developers would be required to provide contributors with an economic or equity interest in the project, which could include profit-sharing, dividends, stock or other equity interests, or voting and approval rights.

“Too often, economic development happens in our communities without giving the people who live there an opportunity to share directly in the growth they help create,” said Assemblyman Stewart. “This legislation is about changing that model by allowing residents to invest in projects in their own communities and share in their success, while also ensuring projects can raise enough capital.”

The three-year pilot would operate in six municipalities, with two municipalities selected from each of the northern, central and southern regions of New Jersey. The NJEDA would consider factors including household income, poverty, unemployment, population changes and the municipality’s Municipal Revitalization Index distress score when selecting participating communities.