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COMMUNITY-ANCHORED DEVELOPMENT PROGRAM


The Community-Anchored Development Program allows the NJEDA to facilitate and partner in large-scale development projects with desirable employment and geographical characteristics that impact the broader community. Through the program, anchor institutions in the areas of education, health care, culture, community development, and economic development can use proceeds from the sale of State tax credits to act as investors in targeted development projects.     

ELIGIBILITY

To be eligible for support through the Community-Anchored Development Program, a project must:

  • Be located in a New Jersey State Opportunity Zone OR result in the economic expansion of a targeted industry in a Metropolitan Planning Areas or municipality with an MRI score greater than 50. 
  • Involve a minimum investment of $10 million.
  • Provide a net positive benefit to the State.

The NJEDA will create evaluation criteria for a competitive evaluation process based on the project’s projected community impact and strategic significance to the State.

AWARD SIZE

Awards granted through the Community-Anchored Development Program represent a deferred investment in the property that entitles the NJEDA to future returns. The program will provide a base award of $5 million that can be increased to a project cap of 40 percent of project costs or $75 million. The State cannot give an award that will cause the State to take a controlling interest in the project.

The full statutory text of the program can be found in sections 43-53 of the Economic Recovery Act of 2020.  

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WE WANT TO HEAR FROM YOU


Please use our public feedback tool to share your thoughts on how NJEDA can best implement the Economic Recovery Act

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