Finance
NJ's Urban Enterprise Zone (UEZ) benefits for businesses may include financing assistance through:
ANJREC grants
BNJ Economic Development Authority (NJEDA) loan programs at preferred rates✓ Correct
CFederal FHA commercial loans
DCounty-issued mortgage bonds only
Explanation
Businesses in NJ UEZ areas may access NJEDA financing programs at preferential rates as an incentive for investment and job creation in designated distressed urban communities.
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Key Terms to Know
Amortization
The gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
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