TRENTON, N.J. (November 17, 2023)– The New Jersey Economic Development Authority’s (NJEDA) Board yesterday approved the adoption of new rules for the Aspire Program aimed to spur development and increase affordable housing in communities across the state. The rule changes include increased per project caps, expanded eligibility for transformative projects, and increased affordability controls for residential units. The Aspire Program is a gap financing tool to support commercial, mixed-use, and residential real estate development projects.

“Since launching, the Aspire Program has supported innovative commercial projects like HELIX and affordable and mixed-income residential developments in downtowns across the state, including in Newark and Trenton,” said NJEDA Chief Executive Officer Tim Sullivan. “The adoption of these new rules will allow the NJEDA to support even more transformative, mixed-use, transit-oriented development which will help revitalize communities and strengthen our economy. Importantly, the rules will strengthen affordable housing, increasing access to hardworking New Jersey families.”

Aspire is a place-based economic development program created under the New Jersey Economic Recovery Act of 2020 (ERA) to support mixed-use, transit-oriented development with tax credits to commercial and residential real estate development projects that have financing gaps. In July, Governor Phil Murphy signed an update to the Aspire legislation in response to changing economic conditions making the program more accessible and able to support more projects that will create jobs and housing across the state.

To date, the NJEDA Board has approved 10 projects for over $500 million in Aspire awards, representing over 500,000 square feet of commercial space, 490 income-restricted units, and 1,040 market-rate units.

The new rules approved by the board include:

Increased Project Awards

In response to spiking inflation, supply chain disruptions and rising interest rates, the new legislation increased caps per project according to the following schedule:

  • 80 percent of eligible costs up to $120 million for Atlantic City, Trenton, and Paterson
  • 60 percent of eligible costs up to $90 million for four percent Low-Income Housing Tax Credit projects, projects in a qualified incentive tract, municipality with an Municipal Revitalization Index score over 50, or an enhanced area
  • 50 percent of eligible costs up to $60 million for all other eligible projects
  • Transformative project caps are subject to the above percentages with a dollar cap of $400 million

Transformative Projects
Transformative projects must demonstrate special economic importance to New Jersey and leverage the state’s mass transit assets, higher education assets, and other economic development assets to attract or retain employers and skilled workers or in targeted industries by providing employment or housing. Transformative projects must meet the following criteria:

  • Minimum project costs increased from $100 million to $150 million
  • Minimum commercial project size remains 500,000 square feet or
    • 300,000 square feet in an enhanced area
    • 200,000 square feet in Atlantic City, Paterson, or Trenton
    • 250,000 square feet for film production studios
  • Minimum residential project size of 700 newly constructed units
  • Minimum mixed-use project of 50,000 square feet plus
    • 200 residential units in Atlantic City, Paterson, or Trenton
    • 300 residential units in an enhanced area
    • 400 residential units in other eligible locations

Affordability Controls
For a project that includes newly constructed residential units, at least 20 percent of the units must be reserved for low- and moderate-income households. These income-restricted units will include a minimum number of three-bedroom units and a maximum number of studios and one-bedrooms ensuring more options for families. They also include more units for very low-income and low-income households with the remainder for moderate-income.

In line with Governor Murphy and the NJEDA’s commitment to fiscal responsibility and transparency, the Aspire program rules include provisions, such as a gap financing review and excess revenue sharing requirements, to ensure tax credits are awarded responsibly.

The Aspire program application, as well as complete rules, eligibility requirements, award sizes, and other information can be found here.

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.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram and LinkedIn.
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TRENTON, N.J. (November 6, 2023) – The New Jersey Economic Development Authority (NJEDA) will open applications for the next round of funding for the Historic Property Reinvestment Program (HPRP) on Wednesday, November 29th. The HPRP aims to incentivize community development and private investment through the preservation of historic properties throughout New Jersey.

WHAT:            Created under the New Jersey Economic Recovery Act of 2020, the HPRP is designed to work in conjunction with the Federal Historic Tax Credit Program to bolster long-term private investments focused on the rehabilitation of identified historic properties. The Program aims to support work that contributes to the transformation of underutilized historic properties into productive assets and attracts people and private investment to New Jersey communities.

WHEN:           Applications for Regular and Transformative projects will open at 10 a.m. on Wednesday, November 29th and will close at 2 p.m. on Thursday, February 29th. Eligibility requirements and further information on the HPRP, including a link to the application, can be found here.

About the NJEDA

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 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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This marks the third project in Newark approved for Aspire awards

TRENTON, N.J. (September 13, 2023) – The New Jersey Economic Development Authority (NJEDA) Board approved tax credits for an additional residential project in Newark under its Aspire Program. The new, mixed-use building was approved for up to $90 million in tax credits, which represents 60 percent of eligible project costs of $150 million. The 14-story building will be located at 81-93 Orange Street in Newark across the street from New Jersey Transit’s Broad Street Station.

To date, the Board has now approved a total of $273.9 million in Aspire awards for residential projects, creating 1,368 housing units – 898, or 60 percent, of which will be affordable. In Newark, three residential projects have been approved for Aspire awards, creating 626 units, of which 206 will be affordable.

“The Aspire Program aims to expand housing options, increase affordability, and create stronger communities,” said NJEDA Chief Executive Officer Tim Sullivan. “Transit-oriented development is an integral part of Governor Murphy’s mission to revitalize neighborhoods and is a key focus of the Aspire Program. The proximity of today’s project to NJ TRANSIT’s Broad Street Station and the city’s downtown makes it ideal for families, commuters, and students and will help create a more prosperous Newark.”

Aspire is a place-based economic development program created under the New Jersey Economic Recovery Act of 2020 (ERA) to support mixed-use, transit-oriented development with tax credits to commercial and residential real estate development projects that have financing gaps. All residential Aspire projects must include at least 20 percent affordable housing.

“When we created the Aspire Program it was with the intention of facilitating greater investment in our communities and breathing new life into underutilized spaces,” said Senate Majority Leader Teresa Ruiz (D-Essex). “This project will do just that, taking a parking lot and using it to spur economic development. The site will still offer parking, but will also help with housing shortages, providing market rate and affordable units, in addition to retail space, all within walking distance to a major transit station.”

The 14-story high-rise, which will replace a surface parking lot, will be comprised of 350 residential units, 8,500 square feet of retail space, and a commercial parking garage. The units will be a mix of studio, one-, two-, and three-bedroom units. Seventy units will be reserved as affordable units, while the remaining will be market rate.

Residents of 81-93 Orange Street will be able to enjoy a pool, health club, spa, work from home space, and electric vehicle charging stations. The project is strategically located across the street from Newark’s Broad Street Station, giving residents access to NJ TRANSIT train and bus service and the Newark Light Rail.

“This Aspire award helps realize Newark’s Transit Village strategy for building mixed-use developments combining high quality affordable and market housing with retail and commercial space. The Broad Street Station will anchor a vibrant neighborhood and vital transportation hub,” said Newark Mayor Ras J. Baraka. “This is the kind of project that helps realize the dreams of residents to remain in the city they love, and improve their quality of life. The New Jersey Economic Development Authority’s $90 million in tax credits is critical to making this development affordable to Newark residents. All of Newark is grateful for NJEDA’s commitment to our city’s well-being and growth.”

In line with Governor Murphy and the NJEDA’s commitment to fiscal responsibility and transparency, the Aspire program rules include provisions, such as a gap financing review and excess revenue sharing requirements, to ensure tax credits are awarded responsibly.

The Aspire program application, as well as complete rules, eligibility requirements, award sizes, and other information can be found here.

About the NJEDA

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 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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Tax credit auction will support programs to alleviate food deserts and make nutritious foods more accessible & affordable

TRENTON, N.J. (August 17, 2023) – The New Jersey Economic Development Authority (NJEDA) will auction up to $10 million in corporate and insurance premiums tax credits through the Food Desert Relief Tax Credit Auction beginning on September 18. The proceeds of the auction will fund programs aimed to improve and increase access to healthy and affordable food throughout New Jersey’s 50 Food Desert Communities (FDCs). The tax credit auction was approved by the NJEDA Board in April.

Eligible bidders must be New Jersey Corporation Business Tax or Insurance Premiums Tax filers. Companies can bid for tax credits at a discount of up to 15 percent. The application for the auction will open on September 18 at 10:00 a.m. and close on October 18 at 5:00 p.m. A sample application and details about the auction process can be found here. Questions may be submitted to FDRTCAuction@NJEDA.gov until Tuesday, September 5 at 5:00 pm. Answers will be posted no later than Monday, September 11 at 5:00 pm.

“The NJEDA is committed to fighting food insecurity and this tax credit auction will help raise funds for programs that will help ensure fresh, healthy, and affordable food is accessible and available in every community across the state,” said NJEDA Chief Executive Officer Tim Sullivan. “Every New Jerseyan deserves access to high-quality food options, no matter their zip code. Governor Phil Murphy and the Legislature have long been committed to combatting food insecurity, while uplifting families and neighborhoods.”

In April, the Board approved proposed rules for the $240 million Food Desert Relief Tax Credit Program, as well as the auction of up to $50 million of the $240 million in tax credits in 2023. Proceeds from the auction will be used to fund programs that will advance the priorities established by the Food Desert Relief Act (FDRA). These future grants, loans, and technical assistance initiatives will complement the Food Desert Relief Tax Credit Program, a tax credit program to support development and operation of new supermarkets in FDCs, by supporting small and mid-sized food retailers and other entities involved in strengthening food security.

The FDRA was established under the New Jersey Economic Recovery Act (ERA) of 2020. The programs created under the FDRA are part of the NJEDA’s broader portfolio of work focused on food security, including the Food Security Planning Grant, Sustain & Serve NJ, and the Food Retail Innovation in Delivery Grant (FRIDG). Learn more here.

About the NJEDA

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 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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Approved Firms Can Leverage Up to $12.5M Annually to Invest in NJ-Based Companies

TRENTON, N.J. (July 27, 2023) – The New Jersey Economic Development Authority (NJEDA) Board yesterday approved adding four venture capital firms to the growing list of Qualified Venture Firms (QVFs) that can access funding from the New Jersey Innovation Evergreen Fund (NJIEF). These QVFs, as well as the three approved by the NJEDA Board in May, are eligible to access up to $12.5 million annually per investor from the NJIEF to co-invest in innovative, high-growth New Jersey-based businesses. 

Established under the New Jersey Economic Recovery Act (ERA) of 2020, signed into law by Governor Phil Murphy in 2021, the NJIEF allows the State to become an equity investor in innovative early-stage businesses based in New Jersey, investing up to $300 million in New Jersey companies alongside approved QVFs for a total of $600 million. The capital raised from the sale of tax credits auctioned off to eight corporations in December 2022 are expected to result in the funding of initial investments into high-growth businesses in New Jersey.

“The NJIEF is a unique tool that will propel New Jersey’s innovation economy forward by leveraging public and private dollars to invest in high-growth startups, entrepreneurs, and our innovation ecosystem,” said NJEDA Chief Executive Officer Tim Sullivan. “Through the NJIEF, the NJEDA is supporting Governor Murphy’s strategic vision to invest in New Jersey entrepreneurs by providing access to necessary capital, which in turn, will allow companies of the future to grow and scale.”

The QVF applicants approved today are:

“The QVFs approved yesterday all have a proven track record of investing for the growth of emerging companies throughout the country,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “This is a robust roster of qualified venture firms and enhancing their capital to invest in New Jersey businesses couldn’t come at a more critical time when the capital markets have slowed making investments.  We look forward to partnering with all our QVFs in the months and years ahead on strategic investments that will spur opportunities for New Jersey entrepreneurs and their businesses.”

Applications for venture firms to qualify as a QVF can be found here. Applications are open to venture capital firms worldwide and are being accepted on a rolling basis.  The roster of seven firms approved to date includes diversity of investment strategy, industry, and stage. There continues to be strong momentum from interested managers and we anticipate continuing to make announcements around several mor QVFs in the coming months.

Coviello noted that the application for approved QVFs to apply for Qualified Investments into high-growth, innovative businesses based in New Jersey is also now open. The total unallocated capital available for new investments stands at over $46 million. 

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 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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First Aspire Program approvals to bridge financing gaps for three projects comprised of a combined 728 housing units

TRENTON, N.J. (May 12, 2023) – Three residential development projects representing a combined $338 million in investment in underserved New Jersey communities were approved for support on Wednesday by the Board of the New Jersey Economic Development Authority (NJEDA). The projects, located in Camden, Morristown, and Newark, which will create or rehabilitate 728 safe, modern housing units, were approved under the Aspire Program for tax credits to help bridge financing gaps.

Aspire is a place-based economic development program created under the New Jersey Economic Recovery Act of 2020 (ERA), signed by Governor Phil Murphy in January 2021. The Aspire program supports mixed-use, transit-oriented development by providing tax credits to commercial and residential real estate development projects that have financing gaps.

“The three projects approved this week embody the values on which the Aspire program is based and will help to advance the ERA’s goal of a stronger, fairer economy by encouraging investment in communities that have long been overlooked,” said Governor Murphy. “High-quality housing for New Jersey families is in high demand, and it’s exciting to see transit-oriented development and affordable housing prioritized.”

Over 80 percent, or 588 of the units that will be supported by these approvals today, are designated as affordable and target households making 60 percent or less of the area median income.

“The new Aspire program is catalyzing a series of mixed-use, transit-oriented, mixed-income and affordable housing projects that advance important economic and social goals established by Governor Murphy,” said NJEDA Chief Executive Officer Tim Sullivan. “The Governor set forth his strategy focused on attracting investments to underserved communities and revitalizing our urban centers and places served by transit early in his administration, and it’s exciting to see these thoughtful development projects unfolding in places where they will matter most for local residents.”

“Throughout our time in office, Governor Murphy and I have prioritized investing in neighborhoods and communities that have often been left behind in areas such as safe and stable housing,” said Lieutenant Governor Sheila Oliver. “Investing in transit-oriented affordable housing will help transform communities and empower families for generations to come.”

“When we created the Aspire Program it was with the intention of facilitating greater investment in our communities, with a focus on creating affordable housing and returning long-dormant sites to productive use,” said Senate Majority Leader Ruiz (D-Essex). “These projects do just that. We are not just providing for new development but also the rehabilitation of older buildings to create safer living environments that are more energy efficient. As we face housing shortages and rising rents, projects like this are critical to uplifting communities.”

“It is great to see the Aspire Program working in my hometown of Newark that focuses on revitalizing transit oriented urban centers with mixed-use and affordable housing developments,” said Assemblywoman Eliana Pintor Marin (D-Essex). “All three municipalities have a lot to offer and with strategic investments, we are setting our communities up for sustainable economic growth. I look forward to seeing the lasting positive impact of this program.”

In Camden, co-applicants Hudson Valley Property Group and Hearthstone Housing Foundation will undertake an extensive renovation of the Northgate 1 Apartments. The project was approved for up to $46.5 million in tax credits, or up to 45 percent of total eligible project costs of $103.5 million, for the rehabilitation of the development’s 321 units in a 21-story building, built in the 1960s, located at 433 North 7th Street.

Renovations and upgrades will include modernization, and energy efficient systems and appliances. Additionally, remediation work is needed due to environmental conditions, including lead-based paint, lead in water, perchloroethylene in groundwater, underground storage tanks, asbestos, and water intrusions.

In Morristown, Manahan Village will undergo substantial rehabilitation and long-term preservation of 200 existing units of affordable housing. The project, which is located at 33 Clyde Potts Drive, 6-10 Flagler Street, 14 Flagler Street, and 9-21 Flagler Street, was built in the 1940’s.

The site is currently owned by the Morristown Housing Authority, which has provided a ground lease to Aspire applicant OAHS Manahan Village LLC. The co-applicant is Morristown Family Aspire LLC , which is wholly owned by the Morristown Community Development Corporation, an instrumentality of the Housing Authority of the Township of Morristown.

The applicant was approved for Aspire tax credits of up to 35.21 percent, or $24.6 million, of eligible project costs of $70 million.

In Newark, The Metropolitan will be a 23-story high-rise, mixed-use building located at 260-272 in the city’s downtown Central Business District. The location is within walking distance of Newark Penn Station, the Newark Light Rail, and several bus stops. The project will consist of 207 residential units, 67 of which will be affordable, plus 4,000 square feet of ground-floor retail space. 

The project was approved for up to $49.8 million in Aspire tax credits, which represents 45 percent of eligible project costs of $110.7 million.

The applicant is comprised of a partnership between The Hanini Group LLC, with a 75 percent stake, and Shift Catalyst, with a 25 percent stake. The Hanini Group and its affiliates have been a significant player in downtown Newark. Some of its notable projects include Hahne & Co., Hotel Indigo, and The Peoples Bank Building in Passaic.

The amount of Aspire 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 projects are eligible for tax credits up to $42 million, but projects that meet specific criteria may receive tax credits up to $60 million. Projects that meet certain parameters can qualify as “transformative projects,” which may receive tax credits up to $350 million.

To be eligible for Aspire program tax credits, a project must be located in an eligible incentive location, which may include: Planning Area 1, Aviation District, Port District, or Planning Area 2 or other Designated Center that is within a half mile of a rail transit station or a high frequency bus stop.

Projects must also meet minimum size and cost thresholds. Program rules also include requirements to ensure that communities where projects are located participate in and benefit from the economic growth the project generates. As part of the application for projects, applicants must provide a letter of support from the governing body of the municipality or municipalities in which the project is located and projects with an eligible project cost equaling or exceeding $10 million must also enter into a Community Benefits Agreement with the Authority and municipality or county in which the project is located.

In line with Governor Murphy and the NJEDA’s commitment to fiscal responsibility and transparency, the Aspire program rules include provisions, such as a gap financing review, excess revenue sharing requirements, and a net positive economic benefit test for most projects, to ensure tax credits are awarded responsibly.

The Aspire program application, as well as complete rules, eligibility requirements, award sizes, and other information, are available at https://www.njeda.com/aspire.

In addition to the Aspire program, the ERA created a suite of programs that includes tax credits to incentivize job creation, new construction, and revitalization of brownfields and historic 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. More information about these programs is available at https://njeda.com/economicrecoveryact.

About the NJEDA

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 844-965-1125 or visit https://www.njeda.com and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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$240M program and tax credit sale aims to attract & strengthen supermarkets in food desert communities; enables NJEDA to establish innovative programs to combat food insecurity

TRENTON, N.J. (April 12, 2023) – The New Jersey Economic Development Authority (NJEDA) Board today approved proposed rules for the $240 million Food Desert Relief Tax Credit Program, which will help address food access challenges by attracting and retaining new supermarkets in the 50 Food Desert Communities (FDCs) designated by the NJEDA last year. Additionally, the Board approved the sale of up to $50 million of the $240 million in tax credits in 2023, the proceeds of which will fund future grant, loan, and technical assistance programs under the Food Desert Relief Act (FDRA). These programs will help increase availability of nutritious foods and develop new approaches to alleviate food insecurity.

The FDRA was established by the New Jersey Economic Recovery Act (ERA) of 2020 and signed into law by Governor Phil Murphy in January 2021. As authorized by the ERA, the Board approved proposed rules that will allow the NJEDA to launch the Food Desert Relief Tax Credit Program this year.

“Food insecurity is a widespread and longstanding issue that has been exacerbated by the pandemic, and New Jersey is taking innovative steps to ensure no resident goes hungry,” said Governor Murphy. “By expanding grocery options in an intentional manner, more families across our state’s food desert communities will be able to put affordable and healthy food on their tables. Fighting food insecurity fosters greater wellbeing for countless communities and families, advancing our vision for a truly stronger, fairer New Jersey economy.”

“Every New Jersey resident deserves equitable access to fresh and healthy food options, no matter their zip code. The NJEDA is committed to fighting food insecurity and the Food Desert Relief Tax Credit program will help bring new grocery options to food deserts across the state,” said NJEDA Chief Executive Officer Tim Sullivan. “Under Governor Murphy’s leadership and in partnership with Speaker Craig Coughlin and the legislature, New Jersey is working to ensure nutritious foods are accessible and affordable in every community, and this program will further advance the ERA’s goals of fighting food insecurity, creating jobs, and uplifting neighborhoods.”

“I am thrilled to see this program moving forward as we prioritize addressing the problem of food insecurity in New Jersey. This program will help those communities build and sustain healthy, affordable options and grow local business. This is good health and economic policy, in addition to meeting our moral obligations,” said Assembly Speaker Craig J. Coughlin. “This is among my proudest moments in public life. Fighting hunger and food insecurity in our state has been close to my heart for decades. I thank all the partners who have worked together to make this program a reality.”

The Food Desert Relief Tax Credit program establishes two types of tax credits that encourage resiliency of supermarkets for a lasting impact on communities. Both are available to new and rehabilitated supermarkets within the areas designated as FDCs, which span all 21 New Jersey counties and are home to over 1.5 million residents. The Financing Gap Tax Credit will provide up to 40 percent of project’s costs for development of the first new supermarket located in any one FDC, and up to 20 percent for the second new supermarket. The Initial Operating Cost Tax Credit will be available to supermarket operators to help fill a shortfall in initial operating income.

To be eligible, stores must be located within the boundaries of NJEDA-designated FDCs. Applicants must demonstrate that the project would not be feasible without the tax credit award and demonstrate that the supermarket will remain open for business for at least seven years. Applicants must also commit that the supermarket will accept federal benefits such as the Supplemental Nutrition Assistance Program (SNAP) and the Special Supplemental Nutrition Program from Women, Infants, and Children (WIC). Additionally, supermarkets must devote at least 10 percent of retail space to fresh and/or frozen fruits and vegetables and host a community listening session in the FDC at least once a year. A complete overview of the rules and more information on the Food Desert Relief Tax Credit program can be found here.

The FDRA allocates $40 million per year for six years, totaling $240 million, in tax credits and enables NJEDA to sell a portion of the tax credits to support future grant, loan, and technical assistance programs. Today, the Board approved the sale of up to $50 million in tax credits. Proceeds from the sale will be used to support programs that will advance the priorities established by the FDRA and be available to a wide array of organizations, companies, and retailers to strengthen food security in FDCs. These programs will support costs associated with equipment and technology to make nutritious foods more accessible and affordable, as well as other initiatives to ensure food security of FDC residents.

“This is another critical step in Governor Murphy’s comprehensive plan to address food insecurity and bring nutritious foods to every community,” said NJEDA Executive Vice President for Economic Security Tara Colton. “New supermarkets in food deserts will help ensure every resident has access to groceries regardless of their address and income. Furthermore, the sale of tax credits will expand NJEDA’s toolkit to eliminate barriers to nutritious foods by creating innovative programs that will improve the lives of families, kids, and seniors – empowering the transformation of entire communities.”

In line with the Murphy Administration’s Executive Order 63 and the NJEDA’s commitment to transparency and accountability, and in anticipation of today’s vote, the NJEDA publicly posted a summary the Food Desert Relief Tax Credit program proposed rules at the end of 2022 and actively sought public feedback. This process included two public listening sessions and opportunities to submit written feedback.

The NJEDA, in collaboration with the Departments of Community Affairs and Agriculture, previously designated 50 FDCs across the state, approved by the NJEDA Board in February 2022. These FDCs will be served by a variety of programs to increase access to affordable, nutritious food through funding for supermarkets, small- and mid-size retailers, and other entities that support food security initiatives.

The Food Desert Relief Tax Credit Program is part of NJEDA’s broader portfolio of work focused on food security, including the Food Security Planning Grant, Sustain & Serve NJ, and Food Retail Innovation in Delivery Grant (FRIDG). More information on the Food Desert Relief Act and Food Desert Community designations can be found here.

In addition to the FDRA, 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; new funding opportunities for early-stage companies in New Jersey; and support for the growing film and digital media industry. Additional information on these programs is available here.

The NJEDA Board’s approval of the proposed regulations are subject to the Governor’s veto period and Office of Administrative Law review prior to becoming effective.

About the NJEDA

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 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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TRENTON, N.J. (April 26, 2022) – The New Jersey Economic Development Authority (NJEDA) has released for public feedback a draft rule proposal for the Garden State Film and Digital Media Jobs Program.

The program, which was first established in 2018, was expanded under the New Jersey Economic Recovery Act of 2020 (ERA), signed by Governor Phil Murphy in January 2021. The Garden State Film and Digital Media Jobs Act, P.L. 2018, c. 56, (N.J.S.A. 54:10A-5.39b and N.J.S. 54A:4-12b) provides a transferable credit against the corporation business tax and the gross income tax for qualified expenses incurred for the production of certain film and digital media content in New Jersey. The goal of the program is to incentivize production companies to film and create digital media content in New Jersey.

“Like other programs established by the ERA, The Film and Digital Media Tax Credit program is designed to encourage equitable and inclusive development,” said NJEDA Chief Executive Officer Tim Sullivan. “The proposed rules establish criteria for the program that will ensure it is administered in a way that will create the economic impact Governor Murphy and the Legislature intended.”

Proposed rule changes include increasing the benefit for productions that submit a diversity hiring plan from two percent to four percent for hiring minority, local, on-screen talent, which will help to make sure opportunities are accessible to qualified individuals from all backgrounds. Additionally, the changes include the availability of new Studio Partner and Film-lease Partner designations which provide extra benefits to production companies who commit to establishing large production facilities in New Jersey.

Members of the public will also be able to submit feedback on the Garden State Film and Digital Media Jobs Program through the NJEDA’s ERA website (https://www.njeda.gov/economicrecoveryact/) between the following dates:

  • PUBLIC FEEDBACK OPEN: April 25, 2022
  • PUBLIC FEEDBACK CLOSES: May 6, 2022

We welcome constructive input on how to ensure new programs created through and amended by the ERA are structured and administered in a manner that drives opportunities for all residents and communities. Members of the public can do that by sending an email to FilmTaxCredit@njeda.com or through the online portal on the NJEDA’s website.

All feedback received through this process will be assessed and considered when preparing the final version of the rule amendments that is proposed by the Authority for Board approval. Following potential Board approval, there will be a 60-day period for formal public comment.

For more information and to provide written input on the design and implementation of ERA programs, visit https://www.njeda.gov/economicrecoveryact/.

About the NJEDA

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 state resources available to New Jersey entrepreneurs and early-stage companies, visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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Establishes a $400,000 Grant Program for the Preparation of Historic Property Surveys

Trenton, N.J. (April 14, 2022) – The New Jersey Economic Development Authority (NJEDA) Board yesterday approved the creation of the Historic Property Survey Grant Program, which will provide $400,000 in pilot funding to municipal governments, county governments, and/or non-profit entities for the preparation of historic property surveys. The Historic Property Survey Grant Program aims to increase the overall understanding of New Jersey’s existing historic structures while serving as a tool for future economic development.

Historic Property Surveys are an invaluable resource for identifying historic properties on both the state and local level. By providing planners and local officials with an inventory of historic properties in regions or themes, these surveys assist with creating future zoning and planning documents, as well as development projects. Established by the New Jersey Economic Recovery Act of 2020, the Historic Property Survey Grant Program provides up to $125,000 in grant funding per entity for surveys, which in turn, will drive transformative change in communities across New Jersey.

“Under Governor Phil Murphy’s leadership, New Jersey continues to prioritize the creation of programs that drive inclusive and equitable community development projects,” said NJEDA Chief Executive Officer Tim Sullivan. “By providing local government entities and non-profits with grant funding for historic property surveys, New Jersey is better equipped to renew iconic properties and plan for future projects that enrich our communities.”  

“A better understanding of historic resources is an essential component of economic development and is the key to ensuring the long-term impact of investment in revitalization of historic properties,” said NJEDA Director of Historic Preservation Aidita Milsted. “The Historic Property Survey Grant Program will serve as an important planning tool that will inform decisions to create the best outcome for our communities and historic resources throughout the state.”

Full details on the Historic Property Survey Grant Program can be found here.

About the NJEDA

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 844-965-1125 or visit http://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, LinkedIn and YouTube.

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Authority Adopts Final List of 50 Communities that May Be Eligible for $240M in Food Desert Relief Act Funding


Trenton, N.J. (February 10, 2022) – The New Jersey Economic Development Authority (NJEDA) today announced that it approved the final list of New Jersey’s 50 designated Food Desert Communities during its Board meeting yesterday. Over the next several years, up to $240 million in funding through the Food Desert Relief Act will be available to strengthen food security and combat food deserts in these communities.

The Food Desert Relief Act is part of the Economic Recovery Act (ERA), signed into law by Governor Phil Murphy in January 2021. The Act directs the NJEDA to address the food security needs of communities across New Jersey by providing up to $40 million per year for six years in tax credits, loans, grants, and/or technical assistance to increase access to nutritious foods and develop new approaches to alleviate food deserts. The NJEDA expects to issue regulations later this year, a critical step in the development of any Food Desert Relief Act-related programs.

“New Jersey has long been at the forefront in the fight against food insecurity,” said Lt. Governor Sheila Oliver, who serves as the Commissioner of the Department of Community Affairs. “We have a moral duty to reduce food insecurity within our state’s borders and the programs we create under the Food Desert Relief Act will strengthen our ability to connect New Jerseyans in the 50 designated Food Desert Communities with access to much-needed nutritious food.”  

A January 2022 U.S. Census Bureau survey found that nearly one in 13 New Jersey households reported not having enough to eat in the past seven days. The total population of New Jerseyans residing in Food Desert Communities exceeds 1.5 million individuals across a diverse range of communities in all 21 of New Jersey’s counties.

Assembly Speaker Craig Coughlin has been a vocal advocate of finding ways to eliminate food deserts and played a key role in the passage of the Food Desert Relief Act.

“The statistics surrounding food insecurity are sobering and unacceptable,” said Assembly Speaker Craig J. Coughlin. “By approving the designation of New Jersey’s Food Desert Communities, we are a crucial step closer to directly addressing the impact of food deserts on New Jersey communities and to securing access to fresh and nutritious foods, with real brick and mortar food retailers and neighborhood food service programs, so everyone feels the comfort of knowing where their next meal will come from.”  

The designation of Food Desert Communities approved yesterday includes consideration of factors such as: food retail environment, demographics, economic indicators, and health indicators. The NJEDA developed the list and accompanying methodology for designation of the Food Desert Communities in partnership with the New Jersey Department of Community Affairs (NJDCA) and the New Jersey Department of Agriculture (NJDA), along with input from the New Jersey Department of Human Services (NJDHS) and New Jersey Department of Health (NJDOH). The NJEDA issued a Request for Information (RFI) in March 2021 to solicit insight into food security challenges faced by communities across the Garden State, including specific obstacles and disparities within communities that are considered “food deserts.” The RFI also asked for feedback on specific criteria for the Food Desert Communities designation. The list was created based on feedback received through the RFI process and input compiled from research and from other public-sector organizations. The final list was revised to incorporate written and verbal input submitted by members of the public based on the draft list of Food Desert Communities released in January 2022.

“The level of engagement we saw throughout the public feedback process underscores the importance of bringing the issue of hunger out of the shadows,” said NJEDA Chief Executive Officer Tim Sullivan. “Under Governor Murphy’s leadership – and armed with one of the most comprehensive process and methodology for designating Food Desert Communities in the nation – we will continue to work with our sister agencies to create a robust suite of programs to address food insecurity in every county in our state.”

“Known the world over as the Garden State, New Jersey is currently home to over 10,000 farms,” said New Jersey Secretary of Agriculture Douglas H. Fisher. “We can, and must, leverage the ingenuity of our farmers and the resources made available through the Food Desert Relief Act to connect food insecure New Jerseyans with access to the fresh-grown fruits and vegetables produced at these farms.”   

Enrollment in nutrition assistance programs such as the Supplemental Nutrition Assistance Program (SNAP) and Special Supplemental Nutrition Program for Women, Infants, and Children (WIC) were among the factors considered in the designation of the Food Desert Communities. Overseen by NJDHS, NJ SNAP served more than 900,000 New Jerseyans in 2021 and has provided more than $2 billion in extra food assistance since March 2020. NJ WIC, administered by NJDOH, served over 140,000 women and children between October 2020 and September 2021.

“The Murphy Administration is committed to combating food insecurity throughout New Jersey, and these new designations are a big step toward ensuring all residents – no matter their zip code – have access to healthy food,” Human Services Acting Commissioner Sarah Adelman said. “Healthy food promotes healthy living, and we look forward to continuing to work with the NJEDA to promote access to nutritional meals across New Jersey. We also urge anyone facing food insecurity to visit njhelps.org to see if they qualify for assistance.”

“This once is a lifetime pandemic has greatly exacerbated the issues of food insecurity in our state,” said Health Commissioner Judith Persichilli. “The whole-of-government approach will help us to provide the resources and supports our communities need to assist families in leading long, healthy lives.”

Today’s announcement also follows action taken yesterday by the NJEDA Board to create Phase 3 of the Authority’s Sustain & Serve NJ program. Sustain & Serve NJ supports New Jersey nonprofits combatting food insecurity by providing grants to organizations to purchase meals from local restaurants and distribute them for free to residents throughout the state. To ensure the program benefits New Jersey’s small restaurants, participating establishments must have 50 or fewer employees. To date the program has supported the purchase of nearly 3.2 million meals from over 400 restaurants. The NJEDA expects to open applications for Phase 3 of the program in early March.

The Food Desert Relief Act is part of the New Jersey Economic Recovery Act of 2021 signed into law by Governor Murphy in early 2021. In addition to the Food Desert Relief Act, 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; historic property reinvestment; 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.

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.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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