Jake Trinidad, Author at NJEDA

The Urban Investment Fund will support building rehabilitation and public space remediation

TRENTON, N.J. (October 2, 2025) – Today, New Jersey Economic Development Authority (NJEDA) Chief Executive Officer Tim Sullivan announced a total of $5.7 million was awarded through the Urban Investment Fund (UIF) Grant Program to support five community revitalization projects in Camden. The funding will support several building rehabilitation and public space projects in the city, which was negatively impacted by the COVID-19 pandemic.

“The pandemic deeply affected municipalities throughout the state, especially in urban neighborhoods where foot traffic sharply declined,” said Governor Phil Murphy. “By investing in the renewal of New Jersey’s most impacted communities, we can strengthen small businesses, promote job creation, and revive vibrant main streets. Camden plays a vital role in our state’s economy, and the NJEDA’s Urban Investment Fund will help ensure the city’s ongoing growth and prosperity.”

“Under Governor Murphy’s leadership, the NJEDA remains committed to supporting communities hardest hit by the pandemic by ensuring they have the tools and resources needed to recover. Across the state, the Urban Investment Fund helps catalyze economic growth to create stronger, more vibrant downtowns,” said NJEDA CEO Tim Sullivan. “The funds awarded to Camden will stimulate inclusive economic development in key commercial corridors, generating jobs, aiding local businesses, and fostering sustained prosperity through impactful investments.”

The grant awards were announced today during a press conference at Sheila Roberts Park in the city’s downtown. With the Urban Investment Fund grant, the city plans to improve access to the park, upgrade plazas and sidewalks, enhance safety features, and add new, family-friendly amenities.

“The city of Camden is teeming with opportunity and this allocation of $5 million will be a game changer in terms of boosting the local economy and improving the use of our public spaces,” said Jeffrey Nash, Camden County Commissioner. “We are extremely grateful that NJEDA sees the value in investing in projects such as these and we cannot wait to work with the City of Camden, Camden Community Partnership, and our other community partners to transform this city into something spectacular.”

“Parks are more than playgrounds and fields—they are places where memories are made, where friendships are formed, and where a community takes root,” said Victor Carstarphen, Camden City Mayor. “We are firmly committed to improving the quality of life in our neighborhoods, and our parks play a huge role in that endeavor. We are leveraging over $150 million dollars of investment already made in our parks. Thank you to the Camden County Board of Commissioners, Camden Community Partnership, and to the NJEDA for this funding commitment. This will help bring a vibrant energy back to our open spaces.”

Camden Community Partnership (CCP) has partnered with the City of Camden to create a revitalization strategy to improve the city through investments in public and private spaces to boost public access and utilization of parks and similar spaces. The projects were specifically crafted to respond to the negative impact that the COVID-19 pandemic had on Camden’s business sector.

“We are deeply grateful to the New Jersey Economic Development Authority for awarding Camden Community Partnership this transformative Urban Investment Fund grant,” said Dana L. Redd, President and CEO of CCP. “This grant allows us to continue revitalizing our public spaces and commercial corridors in ways that reflect the strength, creativity, and resilience of our community. With this support, and the continued partnership of the city, county, and nonprofit organizations, we take another powerful step toward realizing the full promise of our great city.”

Through the UIF Grant Program, the NJEDA provides grants to eligible municipalities to implement a revitalization strategy to respond to decreased foot traffic and revenue due to the pandemic by helping cities enhance vitality. Projects supported by the program can include building rehabilitation projects, building reuse studies, and public space use investments in key commercial corridors. Funding for this program was provided through American Rescue Plan State and Local Fiscal Recovery Funds.

“This investment will not only bring much-needed improvements to our parks and public spaces, but it will also help strengthen the economic and social fabric of Camden,” said Senator Nilsa I. Cruz Perez (LD-5). “These improvements will help bring life back to our parks and community spaces and will give residents and families places to connect and enjoy.”

“This NJEDA funding demonstrates the State’s commitment to the City of Camden and reinforce the City’s remarkable progress,” said Assemblyman William Moen (LD-5). “Every dollar will support and elevate Camden’s outdoor spaces, local businesses, and community centers. I thank Camden Community Partnership for its tireless efforts and look forward to the completion of these five projects.”

“This significant investment from the NJEDA marks a major milestone for Camden,” said Assemblyman William Spearman (LD-5). “These projects will not only enhance our parks and public spaces, but also spark economic growth, support local entrepreneurs, and create vibrant, welcoming corridors throughout out city. I commend Camden Community Partnership for their vision and thank the NJEDA for recognizing the importance of investing in Camden’s future.”

The following projects that were awarded grant funding include:

Wiggins Waterfront Promenade: This $1 million project will include extensive new utilities, earthwork, and site work to help support this new commercial activity. Improvements will include essential site and utility work, wayfinding, and public art, supported by a $300,000 match from the William Penn Foundation.
Sheila Roberts Park: Sheila Roberts Park will receive access improvements, upgraded plazas and sidewalks, enhanced safety features, and new family-friendly amenities. This project includes a $100,000 Neighborhood Revitalization Tax Credit (NRTC) grant and a UIF investment of over $540,000.
7th & Clinton Street Park: 7th & Clinton Street Park will be receiving a new gazebo and corresponding entertainment space, playground equipment, recreational offerings, athletic and wellness, and other streetscape amenities. The project includes a $615,000 capital match from Camden County Parks and a UIF allocation of over $686,000.
East Camden: CCP will renovate the community building at 2631 Federal Street, making it a commercial and community hub. This $3.3 million initiative is supported by $810,000 in secured matching funds, including $250,000 in NRTC funding, a $300,000 anonymous donation, a $260,000 grant from the Townsend Foundation, and $2.5 million through the UIF.
Roosevelt Plaza Park: This project will install several kiosks to serve as food dispensing venues, plant trees and shrubs, and place benches and tables to allow for communal dining. Supported by a $50,000 contribution from the Camden Special Services District, this project received $1.1 million through the UIF.

Established in March 2024, the UIF Grant Program provides grants for the revitalization of key commercial corridor areas and real estate projects located in eligible municipalities. Eligible municipalities include Camden, Newark, New Brunswick, Passaic, Paterson, and Trenton, which all rank within the top five percent of commuter-adjusted population and the top five percent of municipal distress based on the 2023 Municipal Revitalization Index. Approved grants may not exceed 80 percent of total project costs for eligible uses, including building rehabilitation projects, building reuse studies, and public space use improvements.

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.

###

Auctions will support Food Desert Relief efforts and the NJ Innovation Evergreen Fund

TRENTON, N.J. (September 30, 2025) – Due to greater than anticipated demand, the New Jersey Economic Development Authority (NJEDA) will increase the amount of tax credits available to a total of $110 million for the Food Desert Relief Tax Credit Auction and the New Jersey Innovation Evergreen Fund Tax Credit Auction.

WHAT: Up to $25 million in tax credits, an increase from $10 million, will be available for purchase through the Food Desert Relief Tax Credit Auction. Proceeds will fund programs that increase access to healthy and affordable food throughout New Jersey’s 50 Food Desert Communities. These future grants, loans, and/or technical assistance initiatives will complement the Food Desert Relief Supermarket Tax Credit Program, a tax credit program to support the development and operation of new supermarkets in Food Desert Communities, by supporting other entities involved in strengthening food security, including smaller retailers and nonprofits.

The New Jersey Innovation Evergreen Fund Tax Credit Auction will sell up to $85 million in tax credits, an increase from $50 million, to fuel additional support for the State’s innovation ecosystem through the New Jersey Innovation Evergreen Fund (NJIEF). The NJIEF helps ensure that more innovative, high-growth companies start, grow, and stay in state. The funds raised from the auction will later be matched by professional venture capital firms and invested into high-growth, early-stage businesses across the Garden State.

WHO: New Jersey corporate taxpayers or insurance companies that want to reduce their New Jersey 2025 tax liability and support the State’s economic development efforts. Companies do not need to be in a food desert, in the food industry, or in the innovation space to buy tax credits through the auctions. Companies can bid for tax credits at a discount of up to 15 to 25 percent through the Food Desert Relief Tax Credit Auction and New Jersey Innovation Evergreen Fund Tax Credit Auction, respectively.

WHEN: Applications for both auctions will close on Friday, October 3, 2025, at 5:00 p.m. Applications for the Food Desert Relief Tax Credit Auction can be found here. Applications for the New Jersey Innovation Evergreen Fund Tax Credit Auction can be found here.

Applicants may revise their application ahead of the deadline through the online application or by contacting NJEDA staff at FDRTCauction@njeda.gov or NJIEF@njeda.gov.

###

NEWARK, N.J. (September 29, 2025) – Earlier this month, the New Jersey Economic Development Authority (NJEDA) sponsored AfroTech Executive 2025 at the Prudential Tower in Newark. This second annual event brought together corporate executives, founders, entrepreneurs, and investors for vital discussions on tech innovation, financial literacy and responsibility, and generational wealth creation.

“Under Governor Phil Murphy’s leadership, New Jersey’s tech and innovation sectors continue to flourish, making the Garden State an ideal place for entrepreneurs to grow and succeed,” said NJEDA Chief Executive Officer Tim Sullivan. “It’s an honor to partner with AfroTech to bring this conference back to Newark for a second year. The NJEDA remains committed to breaking down barriers and building a more diverse innovation economy—one that will create jobs, expand opportunity, and ensure lasting prosperity for all New Jerseyans.

Lieutenant Governor Tahesha L. Way and Newark Mayor Ras Baraka delivered opening remarks at AfroTech Executive 2025, and U.S. Senator Cory Booker delivered virtual remarks during the conference. Personal finance educator and author of the New York Times Best Seller Get Good with Money, Tiffany Aliche, served as this year’s keynote speaker.

“I was delighted to join the New Jersey Economic Development Authority, AfroTech, and Blavity for the AfroTech Executive 2025 Conference in New Jersey’s very own City of Newark to welcome this year’s attendees and introduce the captivating The Collaboration Blueprint: Public, Private, and Policy in Partnership panel, featuring Congresswoman LaMonica McIver and Aisha Glover, and moderated by Gary Mann,” said Lt. Governor Tahesha Way. “Now, more than ever, it is so important to be doing the work to ensure that every community is included in the opportunities we are seeing in the emerging tech industry. I’m so proud that our administration, for the past nearly 8 years, has been deeply committed to establishing partnerships to make New Jersey a state where all can succeed and thrive.”

“Over the last few years, we’ve seen New Jersey continue to become a home to more tech focused and innovation driven companies,” said Senator Booker. “For the state to partner with AfroTech alongside NJEDA is a testament to our shared efforts to strengthen our economy and ensure its diversity, guaranteeing a stronger, more prosperous New Jersey for all.”

Congresswoman LaMonica McIver joined the conference’s first panel The Collaboration Blueprint: Public, Private, and Policy in Partnership. Gary Mann, Chairman of the Board of Directors of the African American Chamber of Commerce of NJ, and Aisha Glover, Global Head of Urban Innovation of Audible and NJEDA Board Member, also joined the panel. The panelists highlighted proven strategies and collaborative models that merge public purpose with private capital, and policy with measurable progress.

“I was delighted to join AfroTech Executive 2025 and be part of important conversations focused spurring innovation and economic growth in the communities I serve,” said Rep. McIver. “As a member of the House Small Business Committee, I’m proud to champion this work in NJ-10 and in Washington. I appreciate the NJEDA’s partnership in our shared commitment to creating jobs and building a stronger inclusive economy.”

“The Afrotech Executive event was an exhilarating opportunity to celebrate Black innovators at technology’s cutting edge, entrepreneurs at the vanguard of economic development and disruptors who leverage policy for maximum remunerative impact on both a global and local scale,” said Newark Mayor Ras J. Baraka. “Perched at the vantage point of yesterday and tomorrow, and poised for global leadership in innovation economics, Newark was the perfect host city for this important forum, where transformative financial ideas were exchanged and their application toward meaningful community benefits exemplified.”

The second panel, From Capital to Institution: Investing for Legacy, Power, and Economic Permanence, included Jeff Cherry, Managing Partner, Conscious Venture Partners; Blessy Thomas, Partner, Innovate Capital Growth Fund; and Amos Winbush, CEO and Founder, bckrs.ai. This panel focused on how early-stage decisions shape ecosystems, industries, and ownership patterns.

“AfroTech Executive’s convening in New Jersey proved what’s possible when leadership, capital, and innovation meet with intention,” said SVP of AfroTech and Live Events, Simone Tyler. “This partnership with NJEDA created opportunities for local business leaders, corporate businesses and civic leaders to discuss the future or growth in tech and business. The result was measurable progress and a blueprint for what comes next.”

“The Afrotech event was timely, forward thinking and transformational at the same time,” said Founder, President and CEO of the African American Chamber of Commerce of New Jersey (AACCNJ). “We applaud the NJEDA for its thoughtfulness and support for this form of programming in New Jersey at this time.”

“AfroTech Executive 2025 brought together leaders from the tech and innovation sectors, highlighting ways to break down barriers for Black entrepreneurs,” said NJEDA Chief Equity & Chief Inclusive Culture Officer Michelle Bodden. “It’s important to continue having these insightful conversations so that entrepreneurs of color have the tools they need to succeed and thrive, helping uplift businesses and entire communities.”

About the NJEDA

###

TRENTON, N.J. (September 22, 2025) – The New Jersey Economic Development Authority (NJEDA) will open applications for the Next New Jersey Manufacturing Program on Thursday, September 25, 2025. The program will encourage growth in New Jersey’s manufacturing sector by offering long-term benefits to manufacturing companies. Last month, Governor Phil Murphy signed A5687/ S4407 into law, establishing the $500 million tax credit program.

WHAT: The Next NJ Manufacturing Program is a tax credit initiative designed to spur significant investment, create new jobs, and solidify the state’s manufacturing industry.Under the program, manufacturers can receive a tax credit award of up to $150 million, based on an applicant’s proposed new jobs and capital investment.

WHO: Eligible applicants include businesses in manufacturing industries, such as advanced manufacturing, non-retail food and beverage, defense, clean energy, and life sciences.

WHEN: Applications will open on Thursday, September 25, 2025, at 10:00 a.m. Click here for full eligibility requirements and to apply. For more information, please email nextnjmfg@njeda.gov.

###

New approvals under Aspire and HPRP programs will support five redevelopment projects in Essex, Mercer, and Middlesex counties

TRENTON, N.J. (September 19, 2025) – Last week, the New Jersey Economic Development Authority (NJEDA) Board approved five redevelopment projects for tax credit awards under the Aspire Program and the Historic Property Reinvestment Program (HPRP). The five projects, located throughout Essex, Mercer, and Middlesex counties, will create more than 1,146 housing units, 544 of which will be affordable.

“A key pillar in Governor Phil Murphy’s mission for a stronger and fairer New Jersey includes investing in initiatives that revitalize communities, expand housing options, and promote sustained economic growth,” said NJEDA Chief Executive Officer Tim Sullivan. “The redevelopment projects approved by the Board will create hundreds of new, affordable housing units, building upon the success and impact the Aspire and HPRP programs have already had in neighborhoods across the Garden State. These are meaningful investments that will build stronger communities and families for years to come.”

The Board approved a combined $24 million in HPRP tax credits to support two projects in Newark. HPRP is a tax credit program established to support rehabilitation projects of identified historic properties in New Jersey, which can be used to leverage the federal historic tax credit program.

QOZB Ellavoz Newark Urban Renewal, LLC was awarded $12 million in tax credits for the complete rehabilitation of 292-306 Martin Luther King Jr. Boulevard in Newark, which was formerly known as St. Michael’s Hospital. The building will include co-living apartments, where individuals can rent private bedrooms while sharing communal spaces, such as a living room and kitchen. The property, which will be marketed towards university students, young professionals, and health care workers, will have 42 co-living residential units with a total of 144 bedrooms. Eight of those units are set aside for affordable housing. The project will also offer a full amenity package that includes interior and exterior lounge space, a fitness room, and a large multi-purpose room with work and gathering space. There will also be commercial and retail space on the first floor.

10 Park Place, also known as the Firemen’s Insurance Company Building in Newark, will undergo an office-to-residential conversion with the support of $12 million in HPRP tax credits, as well as $81 million in Aspire tax credits. The 10-story building, located adjacent to the New Jersey Performing Arts Center (NJPAC), will be turned into a mixed-use building with 196 affordable housing units and commercial retail space on the first floor. The project also includes a complete cleaning and repair of all exterior masonry, as well as new heating, ventilation, and air conditioning (HVAC), electrical, and plumbing systems.

The HPRP’s focus is historic preservation as a component of community development, aiming to attract long-term private investment into New Jersey while preserving properties that have historic value. The revitalization of historic structures will help to bring these often-underutilized properties back to productive use, thereby reducing the need for new development at these locations. Created under the New Jersey Economic Recovery Act of 2020 (ERA), the HPRP is designed to work in conjunction with the Federal Historic Tax Credit Program and is subject to an annual program cap of $50 million, with annual unused amounts included in the amounts available for approval in the subsequent year. Full details on the program are available here.

In addition to 10 Park Place, the Board approved Aspire awards for projects in East Orange, Trenton, and New Brunswick. Aspire is a gap financing tool to support commercial, mixed use, and residential real estate development projects.

533 Main Street, LLC was awarded more than $297 million in tax credits for a multi-phased, transit-oriented project that entails the new construction of a mixed-income development in East Orange. Located at 533 Main Street, The Crossings at Brick Church Station Phase 1B will be a nine-story building with 420 multifamily rental units, including 84 affordable housing units and 63 workforce housing units. The property will have a common area for residents, as well as retail, restaurant, office, and medical space, and 342 parking spaces. The project is located within an Urban Enterprise Zone (UEZ) and an Opportunity Zone. The Project will also comply with the Energy Star Homes Program included in the New Jersey Housing and Mortgage Financing Agency’s (NJHMFA) Green Standard Requirements, which satisfies NJEDA Green Building Standards. The project is also supported by Low-Income Housing Tax Credits (LIHTC) through the NJHMFA.

Rowan Preservation, LLC was awarded more than $66 million in tax credits for the rehabilitation of an existing residential project in Trenton. Located at 620 West State Street, Rowan Towers will include 196 units, all of which will receive Project-Based Vouchers, consisting of studios, one-bedroom, and two-bedroom apartments. The 15-story building will undergo extensive renovations, including new plumbing, the installation of fire sprinklers and emergency generators, solar panel integration, and HVAC systems in each unit. The units will also be outfitted with new kitchens and bathrooms, vinyl plank flooring, and modern plumbing and lighting fixtures. The building will also include common areas, which will have amenities such as a community room, kitchen space, a reading room and library, restrooms, a laundry facility, a fitness center, a theater and television room, and a vending area. Outdoor recreational spaces, including the basketball court and playground, will also be improved. The Project will also comply with the Energy Star Homes Program included in the NJHMFA Green Standard Requirements, which satisfies NJEDA Green Building Standards. This project is also supported by LIHTC tax credits through the NJHMFA.

11 Spring Street Urban Renewal, LLC was awarded $120 million in tax credits for the new construction of a residential, mixed-use project, located at 11 Spring Street in New Brunswick. The 27-story high rise will have 186 one-bedroom, 102 two-bedroom, and 12 three-bedroom units. Of the 300 units, 20 percent will be set aside for affordable housing.

Aspire is a place-based economic development program created under the 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.

“Once again, the NJEDA delivers the assistance Newark needs to provide our residents the affordable housing opportunities so desperately sought throughout the entire state,” said Ras J. Baraka, Mayor of Newark. “The Aspire Program and HPRP tax credits dovetail with our self-determined mandate to build sustainably and enable adaptive reuse of historic buildings to preserve the city’s chronology, character and culture. We are grateful for this opportunity to infuse the bones of old buildings with the lifeblood of tomorrow and to create dynamic housing ecosystems from landmarks steeped in our history.”

“Rowan Towers has long been home to hundreds of Trenton residents, and this investment ensures that they will see real improvements to their quality of life,” said Reed Gusciora, Mayor of Trenton. “The planned upgrades—from safer infrastructure to new community amenities—will bring renewed vitality to this cornerstone of our city. We are grateful to Governor Murphy, the NJEDA, and all of our partners for recognizing the merit of this effort and helping us continue to build a stronger, more vibrant Trenton.”

“The 11 Spring Street development marks another significant step forward in New Brunswick’s revitalization,” said Jim Cahill, Mayor of New Brunswick. “By bringing additional housing opportunities, including affordable units, into the heart of our City, we are strengthening and enriching our vibrant downtown district and all that it has to offer.”

“Our city stands at a pivotal moment, a chance to honor our past and build our future. It’s not just about bricks and mortar; it’s about building a legacy. We’re weaving together our history and herstory to forge a new destiny for East Orange,” said Mayor Ted R. Green. “These projects aren’t just buildings; they are beacons that will inspire our youth and drive our community forward. We’re doing this with compassion for every neighbor, with the authenticity of who we are, and with the knowledge that our collective strength will make a significant difference in the lives of others”

About the NJEDA

###

TRENTON, N.J. (September 18, 2025) – The New Jersey Economic Development Authority (NJEDA) is seeking public input on a summary of proposed amendments to the Film and Digital Media Tax Credit Program rules. The program 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 act incentivizes production companies to film and create digital media content in New Jersey. The summary of proposed amendments includes changes made by P.L. 2025, c. 81, signed into law on June 30, 2025.

WHAT: A summary of the proposed amendments can be found here. The final amendments will be presented to the NJEDA Board for its review and consideration for approval. If approved, the amendments will be published in the New Jersey Register for formal public comment as required by the Administrative Procedure Act before adoption.

WHEN: Feedback must be submitted through the NJEDA’s website by Wednesday, September 24, 2025.

###

$15M NJ LEAF program will strengthen cannabis cultivators, manufacturers, and laboratories to bolster long-term industry stability

TRENTON, N.J. (September 15, 2025) – Last week, the New Jersey Economic Development Authority (NJEDA) Board approved a new $15 million pilot program to bridge capital access gaps for recreational cannabis cultivators, manufacturers, and testing laboratories. The New Jersey Lending for Equity, Access, and Financing (NJ LEAF) Program will provide low-cost financing of up to $1.5 million to eligible cannabis companies, expanding upon NJEDA’s already established cannabis-focused financial tools, empowering small businesses, and advancing the State’s commitment to equitable economic development.

“Under Governor Phil Murphy’s leadership, New Jersey is building an equitable cannabis market by supporting every link in the supply chain,” said NJEDA Chief Executive Officer Tim Sullivan. “NJ LEAF will ensure companies that are cut off from traditional financial resources have access to the capital needed to succeed, helping to create jobs, strengthen communities, and solidify New Jersey’s long-term growth as a national leader in the cannabis market.”

The NJ LEAF Program will provide flexible lending options for both fixed assets and working capital, helping eligible businesses grow and stabilize their operations in New Jersey. Fixed asset loan amounts will range from $100,000 to a maximum of $1.5 million, and working capital support loans will extend from $100,000 to a maximum of $500,000. The funding options offer valuable resources for businesses to invest in property, upgrade equipment, and cover day-to-day operational expenses.

“NJ LEAF will build upon the NJEDA’s already successful efforts to support the state’s burgeoning cannabis industry,” said NJEDA Chief Community Development Officer Tai Cooper. “New Jersey’s continued investment into this strategic sector is unlocking much-needed resources for diverse entrepreneurs, helping create jobs and strengthen communities.”

Eligible businesses must hold a valid and current recreational Class 1- Cannabis Cultivator, Class 2 – Cannabis Manufacturer, or Testing Laboratory annual license digital card issued by the New Jersey Cannabis Regulatory Commission (NJCRC). In addition, businesses must be based in New Jersey, employ fewer than 250 full-time employees, and must have been in operation for at least one calendar year with annual gross revenues of $5 million or less. In line with Governor Murphy’s efforts to foster an equitable cannabis industry, five percent of funding under the program will be set aside for businesses located in Impact Zones, which are areas designated by statute that were disproportionately impacted by cannabis prohibition or meet other statutory criteria. For more information on eligibility and funding uses, visit www.njeda.gov/nj-leaf or email businessbanking@njeda.gov.

“It has been heartening to see the NJEDA’s commitment to financially supporting New Jersey’s cannabis entrepreneurs,” said NJCRC Chairwoman Dianna Houenou. “Our applicants and operators face obstacles that are unique to the industry without access to the financial tools available to other business owners. I am grateful that NJEDA with NJ LEAF and its grant programs are attempting to close that gap.”

In May, the NJEDA Board approved the $5 million Cannabis Business Development (CBD) Grant Program, which will provide targeted financial support to eligible recreational cannabis entrepreneurs to help alleviate and manage the cost of ongoing State and local compliance, as well as operating expenses. The NJEDA’s two new cannabis programs follow the success of the Seed Equity and Joint Ventures Grant Programs, which have delivered nearly $14 million and supported the opening of 40 cannabis businesses across New Jersey to date.

About the NJEDA

###

Aspire tax credits will support the creation or preservation of 500 housing units, including 267 affordable units

TRENTON, N.J. (September 3, 2025) – The New Jersey Economic Development Authority (NJEDA) Board recently approved residential projects in Jersey City and Atlantic City for tax credit awards under the Aspire Program. The two awards, representing a collective investment of more than $143 million, will support the creation or preservation of 537 housing units, including 267 affordable residences, continuing the Aspire Program’s success in furthering catalytic development and expanding affordable housing across the state.

“Under Governor Phil Murphy’s leadership, New Jersey continues to make meaningful investments into projects that revitalize downtowns and main streets, expand access to affordable housing, and support long-term economic growth,” said NJEDA Chief Executive Officer Tim Sullivan. “The latest approvals under the Aspire Program will create hundreds of affordable housing units, building stronger, more resilient communities that will benefit New Jersey residents for decades to come.”

The proposed development in Jersey City’s Journal Square neighborhood, known as 701 Newark Ave, will consist of a 34-story building with 360 residential units, including 90 affordable units, and nearly 3,000 square feet of ground-floor retail space. The project will also include a pedestrian walkway, called Homestead Place, that will provide improved access to nearby supermarkets, healthcare facilities, the Hudson Pride Center, and the local library. The site offers convenient access to public transportation, including the Journal Square PATH Station and multiple bus routes.

701 Newark Ave LLC was approved for an award of up to 60 percent of total project cost, not to exceed $89.96 million.

“Over the past decade, we’ve made Jersey City a model for affordable housing by requiring strong inclusionary mandates and delivering thousands of new and affordable units across all six wards. Our commitment is especially evident in Journal Square, where we are driving a historic revitalization to restore its role as the cultural and economic heartbeat of our city,” said Jersey City Mayor Steven M. Fulop. “The NJEDA’s support for 701 Newark Avenue builds on that progress, bringing 90 new affordable homes and vital community connections to the heart of Journal Square.”

Garden Court Apartments, the proposed development at 1425 McKinley Avenue in Atlantic City, will include the rehabilitation of an existing residential complex to preserve 177 fully affordable rental units across 20 two- and three-story buildings reserved for low- or moderate-income tenants. Gateway Community Action Partnerships, a co-applicant on the project, will connect residents with resources to promote self-sufficiency, including education and employment opportunities and financial literacy services.

Garden Court AC LLC was approved for an award of up to 85 percent of the project cost, not to exceed $53.3 million.

“The Small administration is in full support of this project and is very glad to see it moving forward. We often talk about improving the housing stock in the great City of Atlantic City, and this project further demonstrates that we say what we mean and mean what we say,” said Atlantic City Mayor Marty Small, Sr. “I want to give many kudos to Governor Murphy and the NJEDA for making sure this project happens. It is truly a great day here in the City of Atlantic City.”

The two projects approved for Aspire awards are 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

###

The Office of Strategic Defense Investment will serve as the state’s center of excellence and joint coordination point for all defense-related priorities

TRENTON, N.J. (September 3, 2025) – Today, Governor Phil Murphy announced the launch of the Office of Strategic Defense Investment, which will champion New Jersey’s defense industry by attracting new missions, safeguarding the competitiveness and sustainability of the state’s existing defense infrastructure, and fostering industry growth. Housed within the New Jersey Economic Development Authority (NJEDA), the Office of Strategic Defense Investment will work to elevate New Jersey’s defense sector by providing it with focused support, advocacy, and strategic planning for long-term growth on par with the state’s other key industries.

“New Jersey’s defense sector is a cornerstone of our state’s economy and our nation’s security. With world-class military installations and a vibrant network of defense contractors, the Garden State plays a critical role in advancing cutting-edge military technology,” said Governor Murphy. “The creation of the Office of Strategic Defense Investment demonstrates our commitment to ensuring New Jersey remains a leader in this vital industry. We will continue working closely with our partners in government, industry, and the military to strengthen New Jersey’s defense ecosystem, keeping our communities safe and our economy strong.”

New Jersey’s defense ecosystem is vital to national security, innovation, research and development, manufacturing, and technological advancements. The state hosts major military installations such as Joint Base McGuire-Dix-Lakehurst (JBMDL), Picatinny Arsenal, Naval Weapons Station Earle (NWSE), and the 177th Fighter Wing, along with a strong network of defense contractors. Together, these assets play a crucial role in supporting the nation’s war-fighting capabilities.

“Under Governor Murphy’s leadership, New Jersey has remained a leader in the defense industry, and the Office of Strategic Defense Investment will ensure the sector’s longevity and growth, which is essential for job creation and economic sustainability,” said NJEDA Chief Executive Officer Tim Sullivan. “By supporting the defense sector, we are driving economic growth and fueling innovation, while supporting our service members, their families, and our national security.”

The Office of Strategic Defense Investment will serve as New Jersey’s center of excellence and coordination hub for defense priorities, collaborating closely with the Governor’s Office, the Department of Military and Veterans Affairs (DMAVA), and leading defense stakeholders such as the Defense Enhancement Coalition (DEC), which supports Joint Base McGuire-Dix-Lakehurst and Naval Weapons Station Earle, and the Picatinny Enhancement Coalition (PEC), which advocates for Picatinny Arsenal.

“New Jersey is home to one of the nation’s most significant defense ecosystems, from three major military installations to thousands of defense contractors, employing more than 70,000 New Jerseyans and contributing billions of dollars to our state’s economy,” said NJEDA Chief of Staff and External Affairs Officer Emma Corrado, who will oversee the Office of Strategic Defense Investment. “This isn’t just about national security — it’s about jobs, innovation, and long-term economic competitiveness for communities across the Garden State. Under Governor Murphy’s leadership, this new initiative is a critical step to ensuring our state remains coordinated, competitive, and strong in advancing our defense mission.”

The defense sector is a significant employer in New Jersey, with more than 54,000 personnel working directly on the three major military bases, including more than 46,000 at JBMDL, 6,000 at Picatinny, and 1,500 at NWSE. An additional 22,000 New Jerseyans are employed as contractors or within the supply chain. These installations and contractors bring substantial federal investment to the state, with the Department of Defense (DoD) allocating approximately $9.4 billion to New Jersey in Fiscal Year 2023. This funding, which represents about 1.3 percent of the state’s Gross Domestic Product (GDP), includes $2 billion for salaries of active duty and civilian personnel, and over $7 billion in defense contracts awarded within the state.

Currently, New Jersey is home to roughly 7,091 defense contractors who collectively receive about $7.3 billion in DoD contracts. Of this, over $1.4 billion supports manufacturing and research and development across more than 1,700 New Jersey companies, underscoring the state’s critical role in advancing defense technologies.

“New Jersey’s citizenry and industry alike have always stood on the front line of national defense,” said Brigadier General Yvonne L. Mays, The Adjutant General of New Jersey and Commissioner of Military and Veterans Affairs. “We have it all: human talent, strategic location, and historic track record for excellence in critical requirements. New Jersey’s patriots set the conditions for success and victory.”

“New Jersey has always led the way in national defense and innovation. We have a proud history of supporting our military – from the vital missions at our installations to the enduring legacy of the Battleship New Jersey,” said Congressman Donald Norcross. “We know how to build ‘Made in America’ products by drawing on our world-class universities, top-ranked K–12 schools, and strong workforce training programs. With the creation of the Office of Strategic Defense Investment, we’ll harness our one-of-a-kind Jersey talent to keep our communities and servicemembers safe, while staying at the forefront of defense technology for generations to come.”

“The manufacturing, research, and development conducted by New Jersey’s defense industry is vital to maintaining our military’s advantage around the world and sustaining New Jersey’s world-class innovation economy. I am proud to have championed Picatinny Arsenal and the critical work of our defense manufacturing base since my first day in Congress,” said Congresswoman Mikie Sherrill. “As threats to our national security continue to grow around the world, the American defense industry has never been more important. We must continue to support the cutting-edge research and development New Jersey is known for and solidify our state’s leadership role in these efforts.”

“Picatinny Arsenal has long been a center of excellence that is home to world-class research and development facilities, and a powerful economic engine that provides thousands of New Jerseyans with high-quality careers,” said Senator Anthony M. Bucco (R-25). “The creation of the Office of Strategic Defense Investment is an important step to solidify New Jersey’s role as a leader in our nation’s defense industry, protect our military assets, and continue to deliver cutting-edge technology to support the brave men and women who defend our nation.”

“New Jersey’s vital defense installations fuel billions in federal investment and tens of thousands of good jobs,” said Senator Raj Mukherji (NJ-32), Chairman of the Senate Military and Veterans’ Affairs Committee and a military intelligence veteran of the U.S. Marine Corps. “The new Office of Strategic Defense Investment will keep our state competitive, protect missions, and strengthen one of the most important pillars of our economy, while safeguarding New Jersey’s vital contributions to national security.”

“I commend the New Jersey Economic Development Authority for creating the Office of Strategic Defense Investment,” said Emil Kaunitz, a member of the Defense Enhancement Coalition. “This initiative levels the field in enabling New Jersey to aggressively compete for federal jobs and infrastructure funds, which will create new job opportunities and bolster our state’s economy.”

“Picatinny Arsenal is essential to the nation’s defense and the foremost authority on ammunition in the world,” said Marty Kane, Member of the Picatinny Enhancement Coalition Board of Directors. “You would be hard pressed to find any conventional ammunition in the Army’s inventory that does not trace its development back to Picatinny. In addition, Picatinny has played a critical role in the Army and Marine Corps’ artillery as witnessed by Picatinny’s role in the development, production, and fielding of the M777 Howitzer, a system which has also proved vital in Ukraine’s fight for freedom. The Picatinny Enhancement Coalition works to highlight Picatinny’s extraordinary accomplishments and an Office of Strategic Defense Investment would be hugely helpful in introducing a much wider audience to the crucial work being accomplished in New Jersey by Picatinny and our other military installations.”

In July, Governor Murphy sent a letter to U.S. Secretary of Defense Pete Hegseth and U.S. Secretary of the Army Daniel Driscoll expressing his concerns regarding the Army’s proposed Transformation Initiative. The plan to restructure the Army’s acquisition enterprise by consolidating 12 Program Executive Offices (PEOs) into seven Capability Executive Offices (CEOs) could directly impact New Jersey’s Picatinny Arsenal.

About the NJEDA

###

Informational webinar will be held in advance of submission deadline

TRENTON, N.J. (August 27, 2025) – The New Jersey Economic Development Authority (NJEDA) will close applications for the Child Care Facilities Improvement Grant Phase 2 on Tuesday, September 30, 2025. The $5 million program, which began accepting applications in September 2024, provides 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. An informational webinar will be held ahead of the submission deadline.

WHAT: Phase Two of the Child Care Facilities Improvement Program supports the enhancement of New Jersey’s 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. Since launching Phase Two nearly a year ago, NJEDA has received hundreds of applications and has already approved dozens of FCCs for over $1 million in funding.

Phase Two of the Child Care Facilities Improvement Program builds on the success of Phase One, which has awarded over $120 million in funding to 600 child care centers to date.

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. Other non-FCC child care centers are not eligible for Phase Two funding. For more information on eligibility, click here.

WHEN: Applications must be submitted by Tuesday, September 30, 2025, at 5:00 p.m. To apply, click here.

An informational webinar outlining program requirements and other important reminders about the application process will be held on Monday, September 8^th, 2025, at 6:00 p.m. To register, click here.

###