Applications Now Live for NJEDA Opportunity Zone Challenge
TRENTON, N.J. (August 1, 2019) – Grant applications for the New Jersey Economic Development Authority (NJEDA) Opportunity Zone Challenge Program are now live at https://www.njeda.com/financing_incentives/large_business/Opportunity-Zone-Challenge-Program. Proposals are due September 16, 2019 at 4:30 p.m.
The Opportunity Zone Challenge is a competitive grant program aimed at supporting community efforts to attract investment and build capacity around economic development in Opportunity Zone communities across New Jersey. It is open to all 75 New Jersey municipalities and 21 counties that contain either the whole or part of an Opportunity Zone census tract.
Applicants must prepare a proposal for a Strategic Plan that includes steps they will take to attract Opportunity Zone investments and build community capacity around economic development. Some examples include: preparing a financial or marketing prospectus to showcase an Opportunity Zone’s benefits to investors; engaging in feasibility planning for Opportunity Zone-focused development; or considering zoning, code, and regulatory reforms to streamline the approvals process in Opportunity Zones. Proposals must also include specific deliverables that can be fully completed within six calendar months of the grant’s execution.
Municipalities may apply on their own or submit a joint proposal as a municipal partnership – two to five Opportunity Zone municipalities partnering together around a common Opportunity Zone goal. Applicants must also designate at least one strategic partner whose external expertise they will use to best achieve the Challenge’s goals.
Proposals are due September 16, 2019 at 4:30 p.m. Applications and grant documents are available at: https://www.njeda.com/financing_incentives/large_business/Opportunity-Zone-Challenge-Program.
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To read Governor Murphy's full economic plan, please visit: https://nj.gov/economicplan
About the New Jersey Economic Development Authority
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.
To learn more about NJEDA resources for businesses call NJEDA Customer Care at 609-858-6767 or visit https://www.njeda.com and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.