The below types of real estate projects are eligible and will be considered for Construction Inflation Fund grants:
- Commercial (including office)
- Mixed Use developments: any residential portion must comply with the 20% reservation for low- and moderate-income households required by N.J.S.A. 52:27D-329.9(b
- Additionally, any warehouse uses included must be ancillary and in direct support of the site’s eligible primary uses
Eligible real estate development projects must be sized such as to have at least $5million of total project costs.
Eligible projects must have a COVID-19 induced funding gap evidenced by related documentation (i.e. project budget, construction contract, other agreements or contracts, etc.)
All projects will be subject to prevailing wage law and compliance with other labor standards requirements. Projects that have started construction prior to application may include expenses as covered costs only if either New Jersey state prevailing wage or federal Davis Bacon wage requirements were incorporated into the construction contract prior to construction start and the project has been paying either prevailing wage or Davis Bacon wage rates as applicable.
Eligible applicants are small businesses which are undertaking an eligible real estate project in New Jersey (as outlined above) that experienced a COVID-related funding gap.
As defined in the Coronavirus State and Local Fiscal Relief Funds final rules (31 CFR 35.3), a small business is: a business concern or other organization that:
1. Has no more than 500 employees or, if applicable, the size standard in number of employees established by the Administrator of the Small Business Administration for the industry in which the business concern or organization operates, and
2. Is a small business concern as defined in section 3 of the Small Business Act (15 U.S.C. 632)
Applicants must evidence a COVID-19 impact funding gap and need as outlined below in the application process and must agree to 50% developer fee deferral.
Additional applicant requirements:
- Must be in substantial good standing with the New Jersey Department of Labor and Workforce Development and the NJ Department of Environmental Protection at the time of application to be eligible. A current tax clearance certificate must be provided prior to approval to demonstrate the applicant is in substantial good standing with the NJ Division of Taxation, unless the applicant is not required to register with the Division of Taxation.
- Applicants will be reviewed against the Federal System for Award Management to ensure entity is not debarred.