Jake Trinidad, Author at NJEDA

Program enables commercial property owners to make energy efficiency, clean energy, and resiliency upgrades

TRENTON, N.J. (October 10, 2024) – Yesterday, the New Jersey Economic Development Authority (NJEDA) Board approved the creation of the Garden State Commercial Property Assessed Clean Energy (C-PACE) Program. The program will allow commercial property owners to access a new form of financing to undertake energy efficiency, water conservation, renewable energy, and resiliency upgrades, supporting Governor Phil Murphy’s efforts to transition to 100 percent clean electricity in the state by 2035.

“After seeing the success of C-PACE programs across the country, I was proud to sign legislation into law to establish the program in the Garden State,” said Governor Murphy. “The time for bold, innovative actions that will help thwart the effects of climate change is now. The Garden State C-PACE Program will lead to a greater embrace of clean energy measures that will help improve our communities, while saving money for New Jerseyans.”

“Under Governor Murphy’s leadership, New Jersey has set ambitious clean energy goals, unlocking opportunities in emerging industries to create economic growth and high-quality jobs while protecting the environment for future generations,” said NJEDA Chief Executive Officer Tim Sullivan. “The Garden State C-PACE program will serve as a catalyst for private investment into building decarbonization, renewable energy, and resiliency projects, helping to reduce energy costs and stimulate the economy.”

The Garden State C-PACE Program allows property owners to repay investments from Qualified Capital Providers into eligible projects through a special assessment to a Participating Municipality, similar to the owner’s real property tax, sewer, or water bill. The Participating Municipality then remits the payment to the initial capital provider. This unique form of financing results in lower-cost, longer-term financing, making it easier for projects to be cashflow-positive from the outset. Municipalities are required to opt-in prior to any project application.

In 2021, Governor Murphy signed legislation authorizing the establishment of the C-PACE Program. Over the past decade, C-PACE programs in more than three dozen states have proven an effective tool to attract private capital into the renewable energy, energy efficiency, and resiliency markets. To date, according to the non-profit entity PACENation, there have been 3,340 C-PACE projects throughout the United States, which have drawn a collective investment of $7.2 billion and have created more than 88,700 job-years.

“The Garden State C-PACE program is a game changer for New Jersey, making it easier for property owners to embrace energy efficiency and sustainability without the burden of upfront costs. This will fuel our state’s green transformation, help companies further embrace new technologies, and create jobs,” said Senator Raj Mukherji. “I applaud Governor Murphy for his continuing steadfast commitment to clean energy and for implementing this law. The program will catalyze significant energy cost savings and strengthen our state’s environmental resilience.”

“Across New Jersey, property owners want to transition their buildings to clean energy and to be more energy efficient, but are too often held back by upfront costs,” said Senator Bob Smith, Chair of the Senate Environment and Energy Committee. “Thanks to the NJEDA’s approval of this program, New Jersey will join the dozens of other states that utilize C-PACE to assist their citizens to more rapidly transition their properties, enjoy the benefits of clean energy, and combat the effects of climate change.”

“New Jersey’s new C-PACE program builds upon the Murphy Administration’s commitment to create more opportunities for innovative clean energy projects across the state,” said Eric Miller, Executive Director of the Office of Climate Action and Green Economy. “With this program, we can continue to grow our green economy, while at the same time achieving our ambitious climate goal of lowering emissions 50% by 2030.”

“The Garden State C-PACE Program facilitates an innovative approach to making clean energy choices more financially accessible to commercial property owners and supporting continued job growth in the clean energy sector, which supports the long-term goals identified in the Global Warming Response Act 80×50 Report that aims to reduce greenhouse gas emissions by 80 percent by 2050,” said New Jersey Environmental Protection Assistant Commissioner for Community Investment and Economic Revitalization Elizabeth Dragon. “My DEP colleagues and I encourage eligible property owners to explore the opportunities through C-PACE that will foster a more sustainable future and enhance the quality of life for New Jersey residents.”

The Garden State C-PACE Program’s Participating Municipality, Qualified Capital Provider, and Qualified Technical Reviewer Intake forms are expected to launch soon, with the project application following shortly thereafter. For more information, including eligibility requirements and program guidelines, visit https://www.njeda.gov/c-pace/ or email Gardenstatecpace@njeda.gov.

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.

###

$15M pilot program aims to reduce greenhouse gas emissions

TRENTON, N.J. (October 9, 2024) – The New Jersey Economic Development Authority (NJEDA) Board has expanded eligibility requirements for the NJ Cool Program, which provides grants to building owners and tenants undertaking retrofit construction projects that reduce greenhouse gas emissions from existing buildings. While the original program eligibility only included commercial buildings, the Authority has expanded the type of buildings eligible to apply to include industrial and institutional buildings, such as schools, non-profits, and local government buildings. Under the current pilot program, only projects in Atlantic City, Edison, and Newark are eligible for grant funding.

WHAT: Under the NJ Cool program, the NJEDA will provide grants of up to $1 million to applicants for eligible hard construction costs for emissions-reducing projects, such as updating a building’s heating and cooling system. In addition to reducing emissions, the program will accelerate the adoption of more environmentally friendly building systems, technologies, and construction practices within New Jersey.

WHO: The NJ Cool program is limited to existing commercial, industrial, and institutional buildings within Atlantic City, Edison, and Newark, which are designated Overburdened Communities per the State’s Environmental Justice Law. Buildings within these communities must meet select building occupancy classes or property classes to be eligible to apply. Eligible applicants may own or lease the building space that will be improved using the grant funding.

WHEN: Applications are currently open and are first-come, first-served. An updated Notice of Funding Availability will be posted when the expanded program eligibility comes into effect. Please see https://www.njeda.gov/public_information/#NOFA for updates. For more information on the program, including full application requirements and eligible projects, please monitor https://www.njeda.gov/njcool/ or email njcool@njeda.gov.

About the NJEDA

###

Applications for the tuition-free program are now open

TRENTON, N.J. (October 7, 2024) – The New Jersey Economic Development Authority (NJEDA) and Kean University are partnering with the Initiative for a Competitive Inner City (ICIC) to bring Building for Growth (BFG) to the State of New Jersey. BFG is a tuition-free program that provides construction companies education and tools to help them increase capacity and develop sustainable growth strategies for their businesses. BFG was developed by ICIC, a national nonprofit advocacy group committed to spurring economic growth in under-resourced communities by supporting small businesses, creating jobs, and building wealth for residents.

“This partnership between the NJEDA, Kean University, and the Initiative for a Competitive Inner City underscores New Jersey’s commitment to giving our diverse small businesses the opportunity to grow,” said Gov. Phil Murphy. “I’m proud to make this investment in uplifting our underrepresented communities and ensuring that New Jersey’s women- and minority-owned businesses have the resources they need to succeed.”

BFG aims to help businesses build their backlog, access capital, increase their bonding capacity, and position themselves to secure larger-scale contracts. Since its inception, BFG has demonstrated success in improving outcomes for construction companies owned primarily by people of color, women, and veterans. This hybrid 18-week program combines weekly classroom training, dedicated technical assistance, and one-on-one mentorship. Applications for the program are now open. Click here to apply.

“Under Governor Murphy’s leadership, New Jersey continues to implement unique programs to ensure minority- and women-owned small businesses have the resources, support, and access to capital needed to grow and thrive,” said NJEDA Chief Executive Officer Tim Sullivan. “The NJEDA is proud to partner with Kean University and ICIC on this initiative, which will provide quality, tuition-free education for diverse small business owners on the path to success. The effort to bring BFG to the State builds off of our successful investment in the Small Business Bonding Readiness Program, and we plan to continue the partnerships we have developed with the diverse chambers across the state to offer this pivotal program to their members and New Jersey’s diverse business community.”

The program will offer four in-person sessions during the 18-week curriculum, including a kickoff and graduation hosted at Kean University, with panelists who will speak directly to the needs of growing construction businesses in New Jersey. During the course, participants will learn finance fundamentals, how to compete for contracts, construction law, contract negotiation, how to navigate certifications, and how to build a long-term business plan.

“As New Jersey’s urban research university, Kean is committed to creating pathways for economic opportunity and growth in our communities,” said Lamont O. Repollet, Ed.D., president of Kean University. “Our collaboration with NJEDA and ICIC on the Building for Growth program will equip diverse construction businesses with the knowledge and resources they need to thrive. By fostering these types of strategic partnerships, we are advancing Kean’s goal to be a catalyst for positive change and sustainable economic development across the state.”

“Expanding the Building for Growth program to New Jersey marks a significant step in empowering diverse contractors to overcome barriers and achieve lasting success,” said Steve Grossman, CEO of ICIC. “By equipping these talented entrepreneurs with the skills, connections, and support they need, we are not only strengthening their businesses but also fostering economic growth and resilience in under-resourced communities across the state.”

To be eligible for the BFG program, a company must:

Be an independent corporation in the construction industry
Be at least 51 percent minority, woman- or veteran-owned and/or located in an Overburdened Community;
Have annual revenues of $1-10 million and/or be on course to exceed $2 million within the next 3 years; and
Headquartered in New Jersey, or perform a significant percentage of contracts in New Jersey.

For a full list of eligibility and to learn more, click here.

About the NJEDA

About Kean University

Kean University, New Jersey’s urban research university, is a national institution of higher education recognized for its diversity, innovation, and the social mobility of its graduates. Founded in 1855 as a teachers college, Kean has evolved into a thriving research university that supports students as they persist to graduation, give back to their communities, and launch successful careers. Kean’s six colleges offer more than 50 undergraduate programs, six doctoral degree programs, and more than 70 options leading to master’s degrees, professional diplomas, or certifications across a full range of academic subjects. With campuses in Union, Toms River, and Manahawkin, New Jersey, and Wenzhou, China, as well as Kean Online, the University provides students of all backgrounds an affordable and accessible world-class education. Learn more at www.kean.edu.

About ICIC

Initiative for a Competitive Inner City (ICIC) is the widely-recognized authority on accelerating small business growth in under-resourced communities. Founded by renowned Harvard Business School professor Michael Porter 30 years ago as a research and strategy organization, today ICIC drives inclusive economic prosperity in underserved communities through innovative research and programs to create jobs, income, and wealth for local residents.

TRENTON, N.J. (October 2, 2024) – The New Jersey Economic Development Authority (NJEDA) will host a panel discussion focused on alternative funding opportunities to help advance New Jersey-based life sciences companies. Attendees will hear from industry leaders on how to secure funding from non-traditional sources, how the next generation of drugs, diagnostics, and devices will be funded, and ways to fund early and emerging commercial biomedical research.

WHEN: Thursday, October 24, 2024
5:00 p.m. – 7:00 p.m.

WHO: Josh Barer, Managing Director at Hibiscus BioVentures
Kathleen Coviello, Chief Economic Transformation Officer, NJEDA
Rik Mehta, Cofounder and CEO of Lactiga US, Inc
John Pennett, Partner, Life Sciences and Technology Group, Eisner Advisory Group LLC
Jorge Ramirez, Vice President, M&A and Business Development, Quest Diagnostics.
Judith Sheft, Executive Director, New Jersey Commission on Science, Innovation and Technology

WHERE: New Jersey Bioscience Center
675 U.S. Highway 1
North Brunswick, N.J.

PRESS: OPEN; press wishing to attend should RSVP to media@njeda.gov.

Members of the public can register to attend here.

###

Funding will support economic development activities across communities with offshore wind transmission projects

TRENTON, N.J. (September 27, 2024) – In July, the New Jersey Economic Development Authority (NJEDA) received a notice of a $50 million funding award through the United States Department of Energy’s (USDOE) Transmission Siting and Economic Development (TSED) Grant Program. Upon NJEDA Board approval of the grant award, the NJEDA and its collaborators plan to fund a portfolio of initiatives that will prepare local residents for careers in the clean energy industry. It will also fund local projects designed to increase civic engagement, and further economic mobility in communities with new renewable transmission infrastructure.

“Offshore wind presents us with not only a pathway to a clean energy future but an opportunity to generate impactful economic growth and family-sustaining, union jobs,” said Governor Phil Murphy. “Thanks to our partners at the U.S. Department of Energy, this critical funding puts us closer to realizing the offshore wind industry’s full potential for the benefit of all New Jerseyans.”

“Under Governor Murphy’s leadership, New Jersey is poised to capture the momentous opportunity presented by offshore wind by investing in projects and infrastructure that will contribute billions back to the state economy, grow our clean energy future, and better the environment for generations to come,” said NJEDA Chief Executive Officer Tim Sullivan. “Though the Transmission Siting and Economic Development Grants program, the NJEDA will fund locally-driven, high-impact, community projects that increase access to workforce training, connect residents with good-paying, family-sustaining careers, and improve quality-of-life.”

The NJEDA’s proposed initiatives will integrate community-driven decision making with capital improvements and foster equitable access to good-paying careers while prioritizing federally designated Disadvantaged Communities (DACs). Following NJEDA board approval and upon execution, the grant will support:

A Community Investment Fund to support capital projects identified and chosen by residents through Participatory Budgeting, a democratic process where residents propose, vote on, and lead spending decisions for community improvement projects in localities where new renewable transmission infrastructure is sited. At least 40 percent of the funds under this program will be targeted for DACs.
A new Transmission Trailblazers Training program in collaboration with Atlantic City Electric that will provide skills training to 200 individuals for entry-level jobs in transmission, with a target of 70 percent of enrollments from DACs.
An upskilling training program on High-Voltage Direct Current methods through the International Brotherhood of Electrical Workers (IBEW) Local Union 400. The program will be provided to 30 individuals, with a target of 40 percent of enrollments comprising workers from underrepresented communities or facing labor market displacement.
A Pre-Apprenticeship training program for electrical careers that supports entry into IBEW Local 400 and other electrical trade jobs, with a target of 40 percent of enrollments from DACs and underrepresented communities.
The development of a Transmission Corridor Bike Path that will utilize transmission rights-of-way and existing trail paths to create a larger interconnected trail system, bringing economic and quality-of-life benefits to New Jersey communities.

“The Transmission Siting and Economic Development Grant Program’s $50 million award will create numerous opportunities across New Jersey to stimulate the economy, help residents learn new skills through training programs, and enhance the quality of life in disadvantaged and vulnerable communities,” Environmental Protection Commissioner Shawn M. LaTourette said. “We are grateful to our partners at the U.S. Department of Energy for this funding, which will boost our green economy by creating good-paying clean energy sector jobs and enhancing community engagement statewide.”

“The New Jersey Board of Public Utilities (NJBPU) thanks the Biden Administration for its continued support of the Garden State’s growing offshore wind industry, which remains pivotal to our achievement of 100% clean energy by 2035,” said NJBPU President Christine Guhl-Sadovy. “This significant funding will support union job training and spur economic opportunities in the local communities hosting critical transmission infrastructure projects across our state.”

“These programs are exactly the type of smart investments into our disadvantaged communities that the IBEW Local Union 400’s Joint Apprenticeship and Training Committee is proud to be a partner in,” said IBEW Local Union 400’s Director of Training Todd Larsen. “We can bring career opportunities to those who need it most, while building up our State infrastructure and doubling down on clean energy.”

About the NJEDA

###

TRENTON, N.J. (September 26, 2023) – The New Jersey Economic Development Authority (NJEDA) is now accepting applications for the Activation, Revitalization, and Transformation (A.R.T.) Phase II Program. The $15 million program will support the creation of public space activation initiatives, such as place making projects, public art installations, and arts-based projects along commercial corridors in 31 municipalities.

WHAT: The A.R.T. Phase II program aims to catalyze community placemaking efforts by leveraging New Jersey’s arts and cultural sector as a creative force for change and supporting non-profit organizations focused on creating placemaking projects, public art installations, and arts-based activities and initiatives. With $15 million in funding, the NJEDA will award grants from $100,000 to $500,000.

WHO: Non-profit organizations with a 501(c)(3), 501(c)(6), or 501(c)(19) status are eligible to apply. Permitted uses of funding include: placemaking projects, public art installations, arts-based projects, art exhibitions, performances, festivals, parades, concerts or concert series, film and video screenings, and cultural programming. Projects must take place within 1.5 miles of an eligible municipality’s passenger rail station.

For a complete list of eligible municipalities and other eligibility requirements, click here.

WHEN: Applications are now being accepted during a competitive window and will close Monday, November 25, 2024, at 5:00 PM EST.

About the NJEDA

###

An informational webinar will be held next week

TRENTON, N.J. (September 25, 2024) – The New Jersey Economic Development Authority (NJEDA) today announced that applications will open for the Main Street Acquisition Support Grant on October 1, 2024. The Main Street Acquisition Support Grant is a pilot program that will help boost small business owners’ liquidity following the purchase of a New Jersey commercial property. A webinar outlining the details of the program will be held on September 30, 2024.

WHAT: The Main Street Acquisition Support Grant will reimburse small business applicants up to $50,000 for a portion of closing costs incurred after they have purchased an existing New Jersey commercial property from which their small business will operate. The closing must have taken place after the program application was made open to the public and the grant application date must be no later than one year from date of closing.

WHO: The small business must be the applicant for this grant and occupy at least 1,000 square feet of total usable square footage of the building purchased. All loans must have been closed in an arm’s length commercial transaction with a conventional lender. More information can be found here.

WHEN: The NJEDA will host a webinar outlining the details of the Main Street Acquisition Support Grant on Monday, September 30, 2024, at 2:00 p.m. For more information and to register, please visit here.

Applications for the Main Street Acquisition Support Grant will open on Tuesday, October 1, 2024.

About the NJEDA

###

TRENTON, N.J. (September 24, 2024) – Last week, the New Jersey Economic Development Authority (NJEDA) opened applications for Phase II of the Child Care Facilities Improvement Program. The $5 million program will provide grants of up to $20,000 to registered Family Child Care homes (FCCs) to purchase furniture, fixtures, and equipment, supporting the improvement of health, safety, accessibility, and quality in the child care environment.

WHAT: Phase Two of the Child Care Facilities Improvement Program supports the enhancement of New Jersey’s 1,300 registered FCCs, an essential component of the state’s child care mixed delivery system. To expand access to the positive effects of early child care, the NJEDA aims to provide FCCs with support that promotes long-term stability and ensures that the child care environment that they provide is safe, healthy, accessible, and conducive to high-quality early learning.

Phase Two of the Child Care Facilities Improvement Program builds on the success of Phase One, which has awarded over $80 million in funding to 400 child care centers to date. Child care centers approved through the first phase of the program are located in 20 counties, serve more than 33,000 children, and employ over 8,200 teachers and administrators.

WHO: Eligibility for Phase Two of the program is limited to registered FCCs that have enrolled at least one child receiving support from the New Jersey Department of Human Services (DHS) Child Care Assistance Program. Up to 40 percent of grant funding will be reserved for eligible applicants in Opportunity Zones. Child care centers are not eligible for Phase Two funding. For more information on eligibility, click here.

WHEN: Applications for the program are open and will be accepted until funds have been exhausted. To apply, visit https://www.njeda.gov/child-care-facilities-improvement-program-phase-2/.

About the NJEDA

###

TRENTON, N.J. (September 23, 2024) – The New Jersey Economic Development Authority (NJEDA) is extending the deadline of its Request for Information (RFI) seeking insight from qualified entities that provide registered apprenticeship programs and have perspectives on establishing new registered apprenticeship training locations in Overburdened Communities.

The information gathered through the RFI will help the NJEDA better understand the scope and characteristics of a potential grant program that would support the planning and implementation of new or expanded training facilities and fund costs for the planning, construction, or renovations. The deadline to submit responses will be extended to 5:00 p.m. ET on Tuesday, October 15, 2024.

The RFI can be found here: Bidding Opportunities – NJEDA.

WHAT: The NJEDA is seeking information on the needs, challenges, opportunities, and best practices to build or expand physical locations in Overburdened Communities for apprenticeship training facilities, as well as associated costs for planning and construction. The responses will help the Authority better understand the registered apprenticeship landscape, especially in regard to physical locations of training facilities. The potential creation of a grant program would help reduce barriers to training and employment and help New Jersey employers retain qualified workers.

WHO: The RFI seeks responses from qualified entities that provide or have experience with U.S. Department of Labor Registered Apprenticeship programs with perspectives on establishing new apprenticeship training locations in Overburdened Communities.

WHEN: All RFI responses must be submitted in writing no later than 5:00 p.m. on September 24, 2024, via e-mail to WorkforceInnovation@njeda.gov. The subject line of the e-mail should state: “RFI Response-2024 [RFI-229]”.

About the NJEDA

###

Oasis at Greate Bay will create 43-units in Somers Point

TRENTON, N.J. (September 19, 2024) – Last week, the New Jersey Economic Development Authority (NJEDA) Board approved an Aspire tax credit award for an affordable housing development project in Atlantic County. Located in Somers Point, Oasis at Greate Bay is set to create 43 rental units, including five for special needs residents.

“Under Governor Murphy’s leadership, the Aspire Program has supported affordable and mixed-income residential developments in communities across the state, helping expand affordable housing options for countless New Jerseyans,” said NJEDA Chief Executive Officer Tim Sullivan. “The Oasis at Greate Bay development will serve as an economic engine for both Somers Point and Atlantic County, broadening the tax base and providing high-quality, accessible residences for generations to come.

Constructed on a vacant site along Mays Landing Road, Oasis at Greate Bay will be made up one-, two-, and three-bedroom apartments that will be located within two separate three-story buildings. 42 units will be designated affordable for persons making 60 percent or less of county area median income. All the units will include central air, washer, dryer, and new kitchen appliances. The property will also include pedestrian walkways, two trash and recycling enclosures, open space and landscaped buffers, a community room, fitness room, bike racks, and on-site management offices.

Oasis at Greate Bay was approved for up to 60 percent of the total project cost, not to exceed $11.5 million. The project is also supported by Low-Income Housing Tax Credits through the New Jersey Housing and Mortgage Finance Agency.

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. As a performance-based program, projects must certify that all commitments established at time of approval have been met before receiving their first disbursement of tax credits.

About the NJEDA

###