Entities Statewide Can Receive up to $50,000 to Plan for the Redevelopment of Public Assets

TRENTON, N.J. (August 25, 2022) – The New Jersey Economic Development Authority (NJEDA) is currently accepting applications for the New Jersey Asset Activation Planning Grant Program. This program offers grants to New Jersey communities and stakeholder groups to fund early-stage planning work focused on catalytic redevelopment and the adaptive reuse of vacant and underutilized public assets. With an award pool of up to $400,000, the New Jersey Asset Activation Planning Grant Program offers New Jersey public, private, and nonprofit entities grants of up to $50,000 for innovative projects that both revitalize community assets and drive equitable community growth. A link to the application can be found at https://www.njeda.com/asset-activation-planning-grant/.

“In the wake of the COVID-19 pandemic, we have seen a fundamental shift in how we approach repurposing distressed and vacant assets,” said NJEDA Chief Executive Officer Tim Sullivan. “Under Governor Phil Murphy’s leadership, we continue to focus on supporting the creation of vibrant and inclusive cities and neighborhoods. Grants awarded through this program will strengthen the awardees’ ability to transform local underutilized public assets, which will lead to equitable growth opportunities in several New Jersey communities.” 

Projects must target distressed public assets, unutilized or underutilized public property, or unutilized public lands owned by a New Jersey municipality, county, independent authority, bureau, commission, or other public body. Proposed plans may include, but are not limited to, conceptual design, feasibility studies, and economic or market analyses. They should also demonstrate a strong connection to the State’s development objectives by creating or catalyzing a new business sector or target industry, driving economic growth and equity, creating an innovative use for an asset, expanding access to public transportation or public services, attracting employers and a diverse, talented workforce, expanding entrepreneurial opportunities and support local businesses, and/or improving land use efficiency and sustainability.

Applications for the New Jersey Asset Activation Planning Grant Program are being accepted until October 24, 2022, and will be reviewed and scored on a first-come, first served basis. Applications will be scored on asset impact, community engagement, previous experience, and other factors. A complete list of eligibility and scoring criteria can be found at https://www.njeda.com/asset-activation-planning-grant/.

Funding for the program is being provided through the NJEDA’s Economic Recovery Fund.

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. NJEDA is developing the Wind port on behalf of the State.

To learn more about NJEDA resources for businesses call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.com and follow @NewJerseyEDA on FacebookTwitter, Instagram, and LinkedIn.

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TRENTON, N.J. (February 9, 2022) – The New Jersey Economic Development Authority (NJEDA) Board today approved proposed rules for the Historic Property Reinvestment Program (HPRP), a new tax credit program to incentivize rehabilitation of designated historic structures, or structures in designated historic districts, throughout New Jersey. Created under the New Jersey Economic Recovery Act of 2020 (ERA), the HPRP is designed to work in conjunction with the Federal Historic Tax Credit Program.

As authorized by the ERA, the Board approved proposed rules that will be published for public comments, enabling the NJEDA to launch the program this year. The Board will consider final adoption of the rules after completion of the public comment period.  The HPRP is part of the suite of programs created under the ERA to address the ongoing economic impacts of the COVID-19 pandemic and build a stronger, fairer New Jersey economy.

The HPRP’s main focus is historic preservation as a component of community development, aiming to attract long-term private investment into New Jersey while preserving properties throughout the state that have historic value.  The program encourages smart, targeted investments in communities in the form of durable and sustainable investment in the state’s economic infrastructure. The revitalization of these historic structures will help to bring these often-underutilized properties back to productive use, thereby reducing the need for new development at these locations.

“The HPRP is a key component of Governor Murphy’s broader economic development plan, which includes a focus on attracting investment toward the revitalization of the state’s iconic cities,” said NJEDA Chief Executive Officer Tim Sullivan. “The rehabilitation of dormant historic properties in cities like Paterson, Trenton, Camden, Newark and Jersey City into new housing and innovation spaces will translate into long-term economic benefits and improved quality-of-life for these communities and their residents.”

“This exciting new program will serve as an important component in the revitalization of entire communities and will have a significant impact on the historic fabric of New Jersey.” said NJEDA Director of Historic Preservation Aidita Milsted. “Investing in and revitalizing these historic properties will have a long-term positive impact on neighborhoods and communities across the state.”

“The Historic Property Reinvestment Program will be pivotal in the state’s efforts to restore and preserve New Jersey’s history,” said DEP’s Historic Preservation Office Administrator and Deputy Historic Preservation Officer Katherine Marcopul. “The revitalization of these iconic properties will further help us to spotlight the historic value they have for the state and the communities they serve far into the future.”  

While the HPRP focuses on rehabilitating and preserving the structure, the program generally supports long-term economic benefits as these properties are re-used for job creation opportunities, transit-oriented development, and housing that includes affordable housing. Furthermore, a developer cannot utilize tax credits until the project, or a phase for certain phased projects, is completed. The legislation ensures substantial economic protection by requiring a developer to repay as taxes any tax credits received for earlier phases if the developer does not complete the rehabilitation project.

Eligible projects must include rehabilitation of a previously identified historic structure that is listed in, or a structure that is in a district designated by, the National or New Jersey Register of Historic Places, designated as historic by the Pinelands Commission, or identified as historic by a municipality in accordance with criteria approved by the Historic Preservation Officer.  The amount of tax credits a project is eligible to receive is a percentage of the project’s eligible costs, subject to a cap that is determined by the project’s location, other financing available, and other aspects of the project. Most eligible projects can receive tax credits worth up to 40 percent of eligible costs, with a maximum of $4 million for eligible properties. Projects located within a qualified incentive tract or in government-restricted municipalities can receive tax credits worth up to 45 percent of eligible project costs, with a maximum of $8 million for qualified properties. 

Additionally, transformative projects (which must meet additional specific requirements regarding project location, economic impact and historic designation of the historic property) can receive tax credits worth up to 45 percent of eligible project costs, with a maximum of $50 million.  The HPRP is subject to an annual program cap of $50 million for a total of $300 million for a period of six years. Annual unused amounts may be included in the amounts available for approval in the subsequent year. Full details on the program are available here. Applications are currently under development and an announcement about the application period will be forthcoming.

In addition to the HPRP, the ERA creates a suite of programs that includes tax credits to incentivize job creation, new construction, and revitalization of brownfields; financial resources for small businesses; support for new supermarkets and healthy food retailers in food desert communities; new funding opportunities for early-stage companies in New Jersey; and support for the growing film and digital media industry. More information about these programs is available at https://njeda.com/economicrecoveryact.

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 FacebookTwitter, Instagram and LinkedIn.

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TRENTON, N.J. (December 9, 2021) – The New Jersey Economic Development Authority (NJEDA) today released for public feedback a draft rule proposal for the Historic Property Reinvestment Program, as established under the New Jersey Economic Recovery Act of 2020 (ERA). The Historic Property Reinvestment Program is a $50 million competitive tax credit program to leverage the federal historic tax credit program to incentivize transformative rehabilitation projects of identified historic properties.

The program, which is capped at $300 million over six years, focuses on historic preservation as a component of community development. Awards of up to 40 percent of rehabilitation costs are available for qualified properties, up to a maximum of $4 million. Qualified properties in a Government Restricted Municipality or Qualified Incentive track may be eligible for up to 45 percent of rehabilitation costs, up to a maximum of $8 million.  Awards are scored on a competitive basis.

Members of the public are encouraged to review the preliminary rules and submit written feedback through an online form available on the Economic Recovery Act website. The NJEDA will also be hosting two listening sessions for public input on the draft rules.

“Governor Phil Murphy and the Legislature advanced the ERA with the goal of creating programs that prioritize equitable and inclusive development,” said NJEDA Chief Executive Officer Tim Sullivan. “The Historic Property Reinvestment program will do just that by ensuring that iconic New Jersey properties are renewed in a way that respects history while creating assets that support dynamic community development that enriches the lives of local residents.”

Draft Historic Property Reinvestment Program rules are available now for review here

Members of the public can also provide input during the NJEDA’s public listening sessions, which are scheduled for the following times:

Members of the media interested in attending the session or submitting questions are asked to email media@njeda.com.  

In addition to the Historic Property Reinvestment Program, the ERA creates a suite of programs that includes tax credits to incentivize job creation, new construction, and revitalization of brownfield properties; financial resources for small businesses; support for new supermarkets and healthy food retailers in food desert communities; new funding opportunities for early-stage companies in New Jersey; and support for the growing film and digital media industry. The NJEDA will continue to engage the public as new programs and rules are developed.

For more information and to provide written input on the design and implementation of Economic Recovery Act programs, visit https://www.njeda.com/economicrecoveryact/.

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 FacebookTwitter, Instagram and LinkedIn.

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TRENTON, N.J. (December 6, 2021) – The New Jersey Economic Development Authority (NJEDA) today announced that the new Brownfields Impact Fund will launch later this winter.  The program will provide grant funding and low-interest loans to public sector and non-profit organizations, as well as low-interest loans to for-profit organizations, to carry out cleanup activities at brownfield sites throughout the state. Potential applicants for the Brownfields Impact Fund can pre-qualify now by visiting https://www.njeda.com/brownfieldsimpactfund/.

Brownfields are former commercial or industrial sites that are vacant or underutilized and are suspected or known to be contaminated.  These properties have a negative impact on New Jersey’s economy because they lower property values, decrease employment opportunities, and lead to a loss of tax revenue. Brownfields are diverse in terms of shape, size, contamination level, and location.  A brownfield can be a large, former industrial property or a small, local site such as an abandoned gas station in a downtown area. 

The Brownfields Impact Fund will make low-interest loans up to $350,000 available to for-profit organizations and will make grants up to $350,000 available to nonprofit organizations and units of local governments.  Grants may be combined with low-interest loans to help facilitate the redevelopment of brownfields by addressing funding gaps to make the remediation phase of the project financially viable. Once a site has been remediated, construction financing may be more readily obtained by a developer. The goal of the Fund is to advance cleanup activities that will in turn help promote the redevelopment of brownfield sites for productive reuse.

“As we continue to build a stronger, fairer New Jersey economy, Governor Phil Murphy has identified the remediation and redevelopment of brownfield sites as an important component of smart planning that will allow our State to meet its goals for economic growth,” NJEDA Chief Executive Officer Tim Sullivan said. “The Brownfields Impact Fund will increase the economic impact of the State’s investment, reactivating long-stalled sites and encouraging job creation through productive reuse of long dormant properties.”

Eligible uses of the loan and/or subgrant funding include remediation activities necessary to clean up the release or mitigate the threatened release of hazardous materials and other activities approved by the U.S. Environmental Protection Agency (US EPA).

To be eligible for a loan under the Brownfields Impact Fund, entities must be able to demonstrate site control or a path to site control of a brownfield property at time of application. Nonprofit organizations and local government entities applying for subgrant funding must own the brownfield property at the time of application and retain ownership for the term of the subgrant. 

Furthermore, all applications for either the loan or subgrant must be accompanied by a letter of support from the mayor or, if the position of mayor does not exist, from the governing body of the municipality in which the brownfield site is located. Applicants must also be in good standing with the NJ Department of Labor and Workforce Development and the NJ Department of Environmental Protection.

Applications for the Brownfield Impact Fund are expected to open early 2022. For the first 90 days after the date the Authority begins accepting applications, eligibility will be limited to federally designated Opportunity Zones in the States’ Community Collaborative Initiative (CCI) cities. After the 90 days, the Authority will accept applications from projects located throughout the entire state.

Loans or subgrants cannot be provided to entities who are liable under federal law for contamination at the property. Private developers will not be eligible to apply for grant funding.  Funds will be awarded on a first come, first serve basis upon receipt of a completed application.

The Brownfields Impact Fund is part of NJEDA Community Revitalization, a suite of solutions designed to support development that transforms underutilized and contaminated spaces into community assets, with the goal of achieving a greener, fairer New Jersey. This includes ensuring that residents living in communities that have historically suffered from disinvestment, environmental contamination, and health disparities benefit from brownfields redevelopment.

For additional details, eligibility criteria, and award sizes for the Brownfields Impact Fund, please visit https://www.njeda.com/brownfieldsimpactfund/.

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, Instagram, and LinkedIn.

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TRENTON, N.J. (March 12, 2020) – There is just one month remaining to apply for the New Jersey Economic Development Authority (NJEDA) Brownfields Loan Program. The program offers low-interest financing of $100,000 to $5 million for all aspects of brownfields revitalization projects, including assessment, investigation, and demolition. It is one of the only funding sources available to cover pre-construction planning, demolition, asbestos, PCB removal, and lead-based paint remediation.

Applications for the Brownfields Loan Program are due Tuesday, April 13th 2021. More information and the application are available at https://www.njeda.com/bfloans/.

To help potential applicants prepare to apply, the NJEDA is hosting an informational webinar on March 17th 2021. NJEDA Senior Brownfields Advisor Elizabeth Limbrick will provide an overview of the Loan Program and walk through the application. Register for the webinar at https://bfloaninfo.eventbrite.com.   

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About the Brownfields Loan Program

Historically, remediation has been a major barrier to successful brownfield redevelopment projects because of the lack of funding sources available to support site assessment, planning, and cleanup. The Brownfields Loan Program is a unique investment tool that addresses this challenge by filling in these funding gaps to make the remediation phase of revitalization projects financially viable. 

Loans made through the program will be awarded through a competitive application process. Projects will be scored based on details of the brownfield site and the proposed redevelopment project. Projects that promote environmental resiliency, public health, and community well-being will receive higher scores and may also qualify for interest rate reductions if approved for financing.

Projects that receive financing through the Brownfields Loan Program will be eligible for the Brownfields Impact Fund and Brownfields Revitalization Tax Credit programs when they become available.

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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 FacebookTwitter, Instagram, and LinkedIn.

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