Aspire Program will bridge financial gaps for two residential development projects in Newark & Union City creating 170 housing units

TRENTON, N.J. (July 26, 2023) – Two residential development projects in underserved North Jersey communities were approved for tax credits under the Aspire Program today by the New Jersey Economic Development Authority (NJEDA) Board. The two projects, both of which are for senior housing, will create a total of 170 residential units in Newark and Union City. To date, the Board has now approved a total of $182.9 million in Aspire awards for residential projects, creating over 1,000 housing units – 806, or nearly 80 percent, of which will be affordable.

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 in communities across the state that have financing gaps. All residential Aspire projects must include 20 percent affordable housing. All 170 units that will be supported by these approvals today are designated as affordable and are also benefitting from financing provided by the New Jersey Housing and Mortgage Finance Agency’s Low Income Housing Tax Credit program.

“Through the Aspire Program, the NJEDA is investing in communities, uplifting families, and expanding access to affordable, quality housing to meet Governor Murphy’s goal of creating a stronger, fairer New Jersey,” said NJEDA Chief Executive Officer Tim Sullivan. “The affordable, mixed-use projects that were approved today will help transform neighborhoods in Newark and Union City, and provide new, prime housing options for each cities’ senior residents.”

“When we created the Aspire Program it was with the intention of facilitating greater investment in our communities,” said Senate Majority Leader Teresa Ruiz (D-Essex). “This project will do just that, developing affordable housing for our seniors, with vital wraparound services on site. As we face housing shortages and rising rents, projects like this are critical to uplifting our communities and ensuring older residents have suitable places to live within their budgets.”

“Through the Aspire program, we’re building more than just housing; we’re cultivating communities where our seniors can thrive,” said Assemblywoman Eliana Pintor-Marin (D-Essex). “In Newark and Union City, we’re addressing needs that strengthen the fabric of our neighborhoods, ensuring a brighter and more equitable future for all.”

The first project the Board approved today was Terrell Homes, which will be located at 91-97 Chapel Street in Newark and will be reserved for seniors ages 55 and older. The project was approved for up to $8.9 million in tax credits, which represents 31.8 percent of eligible project costs of $28 million. The project is multi-phased redevelopment of the Mildred E. Terrell Homes public housing site and aims to support the ongoing revitalization of the city’s Ironbound neighborhood. The site is owned by the Newark Housing Authority, which has entered a ground lease with Terrell Redevelopment Partners Urban Renewal, LP.

The affordable senior housing building will consist of 69 residential units, including one- and two-bedroom units, and 28 on-site parking spaces. Chapel Street Aspire LLC (CSA), a 501(c)3 nonprofit, is a co-applicant of the project and will offer on-site services for residents including health and wellness screenings, social engagement activities, and shuttle service for shopping.

“The Terrell Homes project represents our highest aspiration to provide comfort and security to the elders of our community,” said Newark Mayor Ras J. Baraka. “By incorporating the anticipated health, social, and transportation needs of our seniors, this initiative is not just comprehensive and forward-thinking. This five-story building will provide 69 affordable, age-restricted units, 18 of them dedicated to permanent, supportive, housing for persons with physical difficulties. It is steeped in respect and compassion for our parents and grandparents who have raised up all of Newark through their perseverance, sacrifice, energy, and faith. Our city extends its heartfelt gratitude to NJEDA for this wonderful opportunity for our seniors.”

The NJEDA Board approved up to $25 million in tax credits, which represents 53.7 percent of eligible project costs of $46.8 million, for RPM Development LLC to develop a six-story affordable senior housing building in Union City. The 101-unit building, which will include one- and two-bedroom units, will be located at 720 8^th Street between Summit and Central Avenues and replace a surface parking lot. There will be two levels of garage parking and the ground level will consist of two retail spaces.

The co-applicant, Life Management Inc., a 501(c)3 nonprofit, will offer on-site services for residents. Services offered will help developmentally disabled and formerly homeless residents. Moreover, the project will comply with the federal government’s Energy Star Homes Program, which also satisfies NJEDA’s Green Building Standards.

“The people of Union City and myself are grateful to the NJEDA and welcome the development of affordable senior housing within our community,” said Union City Mayor Brian Stack. “With the current affordability crisis, it is fundamental that we continue to assist and support our senior populations, and this project will not only expand access to affordable housing, but it will also provide our elderly residents with various physical and mental health resources and services.”

In June, the NJEDA Board approved up to $29 million in Aspire tax credits for a multifamily development project in downtown Trenton. Over $120 million in Aspire tax credits were approved by the Board in May for residential projects in Camden, Morristown, and Newark.

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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TRENTON, N.J. (June 26, 2023) – The New Jersey Economic Development Authority (NJEDA) is now accepting applications for the Brownfields Redevelopment Incentive Program (BRIP). This $300 million competitive program offers up to $8 million in tax credits per project for environmental investigation, remediation, abatement, and demolition activities to allow for the redevelopment of brownfield sites in New Jersey.

WHAT:            The Brownfields Redevelopment Incentive Program, funded at $300 million, is designed to support remediation costs and incentivize developers of redevelopment projects to carry out cleanup activities at brownfield sites throughout the state, transforming old, vacant, or underutilized contaminated properties into local community assets.

Established by the New Jersey Economic Recovery Act of 2020 (ERA), the BRIP will make a onetime award of up to 60 percent of remediation costs available for eligible brownfield sites depending upon their location, with a maximum award of up to $8 million. The program is designed to work in conjunction with other NJEDA incentives if applicable, including the Aspire tax credit program. Potential applicants should reference product materials like FAQs and the applicant checklist, then send their questions to bftaxcredit@njeda.gov prior to applying. 

WHEN:           Applications will be accepted until 5:00 p.m. on Thursday, September 21, 2023.

Last week, the NJEDA hosted a webinar outlining details of BRIP and the application process. Interested parties, including developers, investors, real estate professionals, attorneys, environmental professionals, and economic development teams, can view a recording of the informational webinar here.

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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Includes First Brand New Downtown Trenton Multifamily Construction in Decades

TRENTON, N.J. (June 21, 2023) – A new multifamily development project representing over $73 million in investment in an underserved downtown Trenton neighborhood was approved for support last week by the Board of the New Jersey Economic Development Authority (NJEDA).

Situated on a 1.35-acre site at 150-170 Broad Street in Downtown Trenton on the edge of the city’s Mill Hill neighborhood, next to Mill Hill Park, the project will offer 120 new, energy efficient, one- to three-bedroom housing units.  Of those, 70 will be market rate, 48 will be affordable, and two will be rent-free superintendent’s units. The new, five-story building will preserve iconic elements, such as the façade, of the original Van Sciver Building, currently located at the project site.

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.

RPM Development is the Lead Development Entity. Services that directly benefit residents of the project will be offered by co-applicant Life Management, Inc. (LMI), a 501(c)3 nonprofit.  The applicants will collaborate to develop a social services plan that best meets the needs of senior, developmentally disabled, and formerly homeless residents. LMI’s services will enable additional staffing support and provide connections to additional relevant resources.

“One of Governor Murphy’s objectives when signing the ERA was to provide high quality, transit-oriented, mixed-use housing options for families at all income levels. This approval demonstrates the ability of the Aspire program to catalyze investment in communities that need it most,” said NJEDA Chief Executive Officer Tim Sullivan. “This new construction project will provide a support system to help residents sustain quality of life in line with the standards for a stronger and fairer economy on which the Aspire program is based, while also helping to preserve the City’s history and reinvigorate the Broad Street business corridor.” 

The proposed residential amenities include a top floor resident lounge, wi-fi connected workstations, laundry rooms, a fitness center, an amenity terrace on the second floor, a roof deck overlooking the historic Assunpink Creek on the fourth floor, electric car charging, bike storage, and two levels of parking with 168 spaces.

Also included is a 7,500-square-foot retail plaza overlooking a creek across from the Mercer County Courthouse. Two smaller commercial spaces will incorporate retail such as a coffee shop, and a larger corner space will be marketed as a restaurant.

“When we created the Aspire Program it was with the intention of facilitating greater investment in our communities, with a focus on creating more affordable housing,” said Senate Majority Leader Ruiz (D-Essex). “This project will do just that, developing both affordable and market rate housing, in addition to retail space. As we face housing shortages and rising rents, projects like this are critical to uplifting our communities and ensuring families have suitable places to live within their budgets.”

“The Aspire Program was specifically designed to breathe life into our underserved cities by supporting the construction of mixed-use and affordable housing developments. The project approved in Trenton will be an economic driver for our State capital, revitalizing the area with commercial spaces and housing options for residents of all income levels,” said Assemblywoman Eliana Pintor Marin, Chair of the Assembly Budget Committee. “At a time when people in New Jersey need access to affordable housing, this is a truly worthwhile investment into the city of Trenton. These transformative redevelopment projects will uplift and benefit the whole community.”

“We’re so thankful to NJEDA for their ongoing collaboration and investment in the Capital City. I know that Trentonians will be excited to hear about the approval of Aspire tax credits for the residential project at the old Van Sciver site, which will help move forward the redevelopment of this historic parcel and community space,” said Trenton Mayor Reed Gusciora.

The project was approved for up to $29.13 million in Aspire tax credits, which represents 45 percent of eligible project costs of $64.75 million. Financing for the project also includes a $10 million loan from the New Jersey Department of Community Affairs, and federal Low Income Housing Tax Credit proceeds in the amount of $20.9 million, provided through the New Jersey Housing and Mortgage Finance Agency.

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. Film production projects may be located anywhere in the State.

Projects must also meet minimum size and cost thresholds. Notably, program rules also include requirements to ensure that communities where projects are located benefit from the economic growth the project generates. Additionally, 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.

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. (May 22, 2023) – The New Jersey Economic Development Authority Board made several key program and policy approvals during its May meeting, including its first awards of residential projects under the Aspire Program, additional funding for the Authority’s child care programming, and record-breaking investments in venture capital. Collectively, these programs will help revitalize communities, support small businesses, and boost New Jersey’s economy.

“The approvals made at this month’s Board meeting make critical investments in New Jersey’s entrepreneurs of color, affordable housing, child care facilities, our innovation economy, and our life sciences industry,” said NJEDA Chief Executive Officer Tim Sullivan. “Together, these will spur development, generate economic activity, and create jobs across the state, all while building a stronger and fairer New Jersey for generations to come.”

Approvals made by the NJEDA Board include:

Aspire Program:
Three residential development projects in Camden, Morristown, and Newark were approved under the Aspire Program for tax credits to help bridge financing gaps. This marks the first residential Aspire Program approvals, which was created by the New Jersey Economic Recovery Act of 2020. The three projects will create or rehabilitate 728 safe, modern housing units, 80 percent of which will be designated as affordable housing.

Black and Latino Seed Fund:

Three venture capital firms were approved to manage the $20 million Black and Latino Seed Fund, which is the only investment fund in the nation aimed at increasing capital access for early-stage innovative companies founded by diverse entrepreneurs throughout the State. The fund aims to address the nationwide investment crisis within the innovation economy by helping close funding gaps that exist for far too many entrepreneurs of color.

State Small Business Credit Initiative:
Several firms were approved to manage and deploy capital for three unique investment strategies funded through the federal State Small Business Credit Initiative. The managers of the Blended Capital Fund, Life Science/Health Care Fund, and Socially & Economically Disadvantaged Individuals Seed Fund will be responsible for raising private capital, managing the fund’s day-to-day operations, and developing and maintaining a pipeline of prospective New Jersey-based small businesses that can benefit from the fund.

NJ Innovation Evergreen Fund:
The Board approved three Qualified Venture Firms to onboard to the New Jersey Innovation Evergreen Fund (NJIEF). The QVFs will be able to apply and access up to $12.5 million annually from the NJIEF to co-invest in innovative, high growth New Jersey-based businesses. The NJIEF is a first-of-its-kind tool to increase New Jersey startups’ access to venture capital and strategic resources.

Child Care Facilities Improvement Program:

An additional $50 million was approved for the Child Care Facilities Improvement Program, increasing the total funding to nearly $75 million. Since the program launched last November, the NJEDA has received over 450 applications from child care centers that serve over 36,000 children and employ nearly 9,000 workers. The additional funding will help meet the overwhelming demand of the program, which allows child care centers to make critical interior and exterior facility improvements.

Stranded Assets Repositioning Investment

The Board approved a policy for investment in the redevelopment of stranded assets such as vacant or partially vacant office parks, retail malls, and healthcare facilities into new commercial, industrial, or mixed-use development projects. Through the creation of a $25 million Stranded Assets Repositioning Investment, the NJEDA will add to its suite of resources designed to help communities redevelop and reposition their underutilized properties into viable commercial real estate.

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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Total Funding For Phase 1 now totals $75 million as NJEDA hits milestone of first $5 million in approved grants

TRENTON, N.J. (May 12, 2023) – The New Jersey Economic Development Authority (NJEDA) Board on Wednesday approved allocating an additional $50 million for grants for Phase 1 of its Child Care Facilities Improvement Program, increasing the total funding to nearly $75 million.

Since launching in November 2022 with an initial pool of $24.5 million in funding, the NJEDA has received more than 450 applications from child care centers that serve over 36,000 children and employ nearly 9,000 members of the vital early childhood workforce. This additional funding brings the total resources available to nearly $75 million, which will help meet the overwhelming interest and demand for Phase 1 of the Child Care Facilities Improvement Program. 

As part of New Jersey’s whole-of-government approach to supporting the child care sector, the legislature passed, and Governor Phil Murphy signed, the Child Care Revitalization Fund into law in 2021. Phase 1 of this program was initially funded with $20 million in federal American Rescue Plan (ARP) Coronavirus State and Local Fiscal Recovery Funds (CSLFRF) and an additional $4.45 million in state funds. The NJEDA Board on Wednesday approved usage of another $50 million in ARP CSLFRF funds from the fiscal year 2022 and 2023 budgets. In addition to this substantial pool of funding, NJEDA has more than $10 million in funding for future program phases, which will include a grant program for family child care homes.  

“The fact that this additional funding enhances a program specifically designed to help child care providers elevate their ability to care for New Jersey’s children both now and in the future is a win-win for our state,” said First Lady Tammy Murphy. “Through Nurture NJ, we are committed to making the Garden State the national gold-standard for infant and child health and that starts with ensuring providers have the resources they need to provide our state’s children – particularly those in underserved communities – with high-quality early childhood environments.” 

To date, the NJEDA has approved 31 applications from child care centers for a combined $5.7 million in funding through Phase 1 of the program and expects to approve many more applications in the coming weeks and months. Improvements made through this first round of grants will impact the learning and development of more than 2,500 children and improve the health and safety of work environments for over 600 teachers and administrators.

“Reliable and quality child care services are vital to New Jersey’s economic infrastructure, however, too often child care providers forgo making necessary investments in facility upgrades due to razor-thin profit margins,” said NJEDA Chief Executive Officer Tim Sullivan. “Under Governor Phil Murphy’s and First Lady Tammy Murphy’s leadership, New Jersey is making significant investments into this critically important sector, ensuring that every child and working family has access to reliable, safe, and affordable child care. Through the funding announced today, the NJEDA will fund critically important improvement projects at child care facilities across our state, helping centers keep their lights on, doors open, and staff employed, all while increasing access to high-quality learning environments for their students.”

Sullivan noted that the New Jersey departments of Children and Families (NJDCF) and Human Services (NJDHS) have been integral partners in the NJEDA’s efforts surrounding bolstering the child care sector, and particularly around the creation of the Child Care Facilities Improvement Program.

“Our administration continues to prioritize investments to strengthen New Jersey’s child care industry,” said NJDHS Commissioner Sarah Adelman. “We appreciate the work that our partners at the NJEDA are doing to support providers through these capital improvement grants. Child care providers are essential to working families and the economy. These efforts will increase access to high quality child care for working families and provide children with a strong educational foundation.”

“Child care centers are a vital part of our infrastructure to support families and grow healthy children. Access to high-quality, affordable child care is a necessity for families in every corner of the state,” said NJDCF Commissioner Christine Norbut Beyer. “Through support from the NJEDA, we can help child care operators build and maintain state-of-the-art facilities to meet the needs of families throughout the state. I applaud our colleagues at the NJEDA for their forward-thinking investment in child care in New Jersey and look forward to working with my colleagues across state government agencies and departments to support the critical child care business sector.”

Sullivan also thanked members of New Jersey’s Congressional delegation and state legislators for their commitment to ensuring the NJEDA has the resources needed to bolster this indispensable sector.

“As families and our economy continue to face a child care crisis, I commend the NJEDA’s work to ensure that child care providers statewide have the tools they need to provide the youngest New Jerseyans with access to safe, reliable and high-quality child care. Child care providers are the unsung heroes for many families and the often unacknowledged linchpin of our economy. I fought hard to secure these American Rescue Plan funds and am thrilled that they are being reinvested into our New Jersey economy in this way,” said Congresswoman Mikie Sherrill (NJ-11). “This funding will help parents get back to work, businesses address their labor shortages, and providers keep their doors open and maintain high quality care. I will continue to fight hard in Washington with my Child Care for Every Community Act to get families the support they need.”

“Access to quality, affordable child care is essential for working families across New Jersey and the Eighth Congressional District,” said Congressman Rob Menendez (NJ-08),a founding member of the Congressional Dads Caucus. “The NJEDA is right to recognize that supporting our families means supporting the child care centers and early childhood workforce that provide New Jerseyans with good options for child care. I am pleased to see that under President Biden’s leadership, the American Rescue Plan continues to deliver positive impacts to communities in New Jersey – including through this $50 million in grant funding.”

“There’s nothing more important to me than my kids’ health and safety, and I know each and every parent feels the same way about their kids,” said Congressman Andy Kim (NJ-03). “I’m glad to see New Jersey stepping up with better support for childcare service organizations so we can support working parents and ensure their kids are getting the educational support and enrichment they need to succeed.”

“When we offer our children learning environments that are healthy, safe and flexible to adapt to complex student needs, the rewards far exceed the cost of the initial investment,” said Senate Majority Leader M. Teresa Ruiz (D-Essex), who co-sponsored the Child Care Revitalization Fund, which provides funding for the Child Care Facilities Improvement Program. “By lessening the financial burden on child care providers, these funds will facilitate the expansion of classroom space as well as allow for the purchasing of other critical infrastructure needs such as replacing windows and/or flooring or even playground equipment. This program, along with other initiatives moving through the legislature, represents a commitment to improving early childhood education.”

“Under Governor Murphy’s leadership, the NJEDA is focused on connecting child care providers with financial means to make necessary upgrades to their facilities,” NJEDA Executive Vice President of Economic Security Tara Colton said. “A child’s zip code should never dictate their access to high-quality child care. Thanks to programs and initiatives put in place by Governor Murphy, First Lady Murphy, and the New Jersey Legislature, we are working to ensure that it never does.”

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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Approved Projects will be eligible for Investment Funding from $25 Million in State Budget Funds

TRENTON, N.J. (May 11, 2023) – The New Jersey Economic Development Authority (NJEDA) Board yesterday approved a policy for investment in the redevelopment of stranded assets such as vacant or partially vacant office parks, retail malls, healthcare facilities, and similar buildings into new commercial, industrial, or mixed-use development projects. Through the creation of a $25 million Stranded Assets Repositioning Investment, the NJEDA will add to its suite of resources designed to help communities redevelop and reposition their underutilized properties into viable commercial real estate.

“The Stranded Assets Repositioning Investment will allow the NJEDA to directly invest in long-vacant, abandoned, or blighted properties, turning them into vibrant community assets,” said NJEDA Chief Executive Officer Tim Sullivan. “This program is our latest effort to revitalize New Jersey’s neighborhoods by creating new real estate space for businesses and bolstering tax revenues for local municipalities. As economic and work trends have evolved in recent years, supporting viable commercial and mixed-use development is essential to creating sustainable and equitable growth.”

Through the Stranded Assets Repositioning Investment, the NJEDA will consider investment opportunities through unsolicited proposals from redevelopers or through staff awareness in the regular course of promoting investment and development in the state. Proposals will be evaluated equitably based on several factors, including developer qualifications, operational readiness, economic feasibility, and developer engagement with the local community. In line with Governor Phil Murphy’s objective to create the most diverse and inclusive innovation ecosystem in the country, evaluations will also consider the degree to which investment supports woman-, minority-, or veteran-owned businesses and historically underserved communities. Recommended investments will then be presented to the NJEDA Board for final approval.

Stranded Assets Repositioning Investments will be evaluated on a case-by-case basis, considering each project’s unique characteristics to determine total investment funding. The NJEDA will consider investment opportunities in a variety of forms, including joint ventures, real estate partnerships, operating partnerships, and equity investments. Entities entering into an investment agreement with the NJEDA will be subject to normal legal and ethics reviews, State Ethics Commission approval, good standing with New Jersey government agencies, and tax clearance certificate verification from the Department of Treasury’s Division of Taxation.

The Fiscal Year 2023 Appropriations Act, signed by Governor Murphy on June 30, 2022, appropriated $70 million for real estate project funding that supports strategic economic development and spurs statewide economic growth. The Stranded Assets Repositioning Investments will utilize $25 million from those funds.

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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