The developer, John Domo, financed the $1 million renovation of the 25,000-square-foot Hanna mansion for himself.
It would also create a similar district in the area of the proposed Meadowlands sports development to help private developers finance the projects.
The developers finance their senior rental projects through a variety of sources.
According to Mr. Friedman, the developers have also financed another $50,000 study of the plan's impact on traffic in the neighborhood to scrutinize each intersection and street in the area.
The credits help not-for-profit developers of low-income housing finance their projects.
Exemptions now range from 10 to 25 years, and while some abatements come with no strings attached, others require developers to build or finance a percentage of affordable units.
Infrastructure Financing helps developers, governmental entities and other organizations finance public infrastructure such as streets, utilities, and public parking facilities.
Until then, developers must finance projects themselves or join with an institutional partner, he said.
WITH pressure on Congress to reduce the Federal deficit, private developers are taking over the responsibility of building and financing new courthouses and Government office buildings.
Since the recession of the early 1990's, developers can no longer finance construction without a commitment from an anchor tenant.