The 100% affordable housing development will include programs to support surrounding community

TRENTON, N.J. (September 17, 2026) – The New Jersey Economic Development Authority (NJEDA) approved an Aspire Program award to support an affordable senior housing development project in Trenton. The development, which is also supported by the U.S. Department of Housing and Urban Development (HUD)’s Choice Neighborhood Implementation Plan, will create 107 affordable rental units and various programs to support the surrounding community.

“As the NJEDA works to strengthen the Aspire Program, it’s encouraging to see ongoing progress on projects that expand access to affordable housing, bolster communities, and support vulnerable populations,” said NJEDA Chief Executive Officer Evan Weiss. “This development will provide older residents with stable, affordable housing, while empowering local families and businesses, delivering long-lasting benefits for years to come.”

The project, known as THA Senior, entails the construction of a four-story mixed-use development, and will be located on Martin Luther King, Jr. Boulevard in Trenton, less than a mile away from the Maternal and Infant Health Innovation Center. The building will have 107 affordable, one-bedroom rental units serving seniors aged 62 and older, as well as a two-bedroom superintendent’s unit. The development will also include a fitness room, community room, outdoor patio, walking paths, a parking lot, and playground equipment.

The development will also include roughly 10,000 square feet of commercial space for community-based organizations, with 7,400 square feet to be allocated for a daycare facility. Various programs will also be available to both residents and members of the community, including workforce development, senior services, education and youth support, financial empowerment, and early learning.

“This investment represents another major step in transforming the North Ward and delivering on the promise of our Choice Neighborhoods partnership,” said Trenton Mayor W. Reed Gusciora. “The City of Trenton and the Trenton Housing Authority worked together to secure this federal designation because we recognized that rebuilding a neighborhood requires more than building housing. THA Senior will provide 107 new affordable homes for our seniors while bringing early childhood education, workforce development, senior services and other community resources directly into the neighborhood. We are grateful to the NJEDA, HUD, the Trenton Housing Authority and all of our partners for investing in a stronger, more vibrant future for Trenton.”

“Projects like THA Senior demonstrate what is possible when state and local partners work together to invest in Trenton and the Capital Region,” said Mercer County Executive Dan Benson. “I want to thank Governor Sherrill, the New Jersey Economic Development Authority, and Trenton Housing Authority leadership for their continued commitment to our community and for utilizing the Aspire Program to help advance this important senior housing development. This investment will create new housing opportunities for older adults while helping to strengthen and revitalize Trenton. We look forward to continuing this partnership and building on the progress we are making across the Capital Region.”

“Every senior deserves access to safe, high-quality housing they can afford,” said Senator Shirley K. Turner (D-Mercer/Hunterdon). “This development will provide 107 Trenton seniors with homes of their own while also bringing childcare, workforce development, educational programs, and other valuable services to the surrounding neighborhood. This is the kind of investment that strengthens families, supports seniors, and contributes to the continued revitalization of our capital city.”

“I welcome today’s announcement of the Aspire award that will help create additional housing option for seniors and provide them with amenities that will keep their minds and bodies active,” said Assemblywoman Verlina Reynolds-Jackson (D-Hunterdon, Mercer). “At the same time, THA Senior’s plan for the workforce development, financial empowerment and educational support will benefit the entire community. This is truly a win-win for Trenton residents.”

“As we continue to revitalize Trenton, we must make strategic investments like this one that enhance amenities and foster opportunities for community members,” said Assemblyman Anthony Verrelli. (D-Hunterdon, Mercer). “The Aspire award announced today has the double benefit of increasing available housing for Trenton’s seniors and bolstering economic development through the creation of commercial space for local organizations. I am excited to see what the future of this project has in store for residents of our city.”

THA Senior was approved for an award of up to 85% of the total project cost, not to exceed $54.3 million. THA Senior was also approved for a $900,000 federal grant through the Choice Neighborhoods program. The Choice Neighborhoods program aims to leverage public and private dollars to revitalize struggling neighborhoods by catalyzing critical improvements, including vacant property, housing, businesses, services, and schools. This project is also supported by Low-Income Housing Tax Credits through the New Jersey Housing and Mortgage Finance Agency.

Aspire is a gap financing tool to support commercial, mixed-use, and residential real estate development projects. The NJEDA has temporarily paused applications for the program as it works to establish a new framework and criteria. For more information, please visit 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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State and federal partners will help business owners identify financing, access expert assistance, and take the next step toward starting or growing their business in New Jersey

(TRENTON, N.J.) (September 14, 2026) – The New Jersey Economic Development Authority (NJEDA), along with state and federal partners, will host a resource fair to share information about key state resources for small business owners and entrepreneurs. The resource fair will take place on Tuesday, September 22, 2026, from 9:00 a.m. to 12:00 p.m. at the New Jersey Institute of Technology (NJIT) Campus Center.

WHEN:           Tuesday, September 22, 2026

9:00 a.m. to 12:00 p.m.

WHAT:            Attendees will meet directly with representatives from NJEDA, the New Jersey Business Action Center, the New Jersey Department of the Treasury, the New Jersey Small Business Development Centers, the U.S. Small Business Administration, and other partners. Representatives will help business owners identify relevant programs, understand eligibility and requirements, and connect with the appropriate next point of contact.

Attendees can get help to:

  • Identify grants, loans, and other financing opportunities
  • Understand what lenders look for and prepare to pursue financing
  • Register and establish a business in New Jersey
  • Pursue certification as a woman-, minority-, or veteran-owned business
  • Connect with free counseling, mentorship, and technical assistance
  • Find the right State, federal, or local contact for their business needs

WHO:               Business owners, entrepreneurs, economic development professionals, local government representatives, non-profit organizations, and community partners are all invited to attend.

WHERE:          New Jersey Institute of Technology (NJIT) – Campus Center

150 Bleeker Street

Newark, N.J.

Free parking is available at the NJIT Parking Deck (154 Summit Street, Newark).

Light refreshments will be provided. To register, click here. For more information, please email smallbusinessservices@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

The New Jersey Economic Development Authority’s next public Board Meeting will be held in person, via conference call, and via Microsoft Teams on Wednesday, September 16, 2026, at 10:00 am.

Members of the public may participate in the meeting attending in person, by calling in on the conference line, or joining via Microsoft Teams link. Members of the public will have an opportunity to speak during the public comment segment of the meeting. The following conference number and Microsoft Teams link are being provided:  

MEETING NAME: NJEDA BOARD MEETING (SEPTEMBER 16, 2026)

IN PERSON:

NJEDA Board Room

36 West State Street, Trenton NJ

PARTICIPANT DIAL-IN NUMBER:       1-888-790-3708

PARTICIPANT ACCESS CODE:             7825427

MICROSOFT TEAMS MEETING ACCESS LINK

Members of the public are encouraged to call in prior to the time the meeting is scheduled to begin to avoid any delays.

The agenda can be found 48 hours prior to the meeting on our website: https://www.njeda.gov. The meeting will also be recorded and posted to the NJEDA website shortly after the conclusion of the meeting.

Members of the media planning to attend a Board Meeting are encouraged to notify the NJEDA Media Inbox at media@njeda.gov.

TEFRA NOTICE:

Notice of Public Hearing (TEFRA) – NJEDA

NOTICE OF PUBLIC HEARING (TEFRA) (Posted September 4, 2026 at 11:05 AM)

NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY NOTICE OF PUBLIC HEARING 

NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY

NOTICE OF PUBLIC HEARING

The New Jersey Economic Development Authority (the “Authority”) will hold a public hearing at its regular monthly meeting on September 16, 2026 at 10:00 a.m. at the Authority’s Board Room located at 36 West State Street, 1st Floor, Trenton, New Jersey 08625, or at 1-888-790-3708 (Conference ID: 7825427).  The public hearing will be held for the purpose of providing a reasonable opportunity for interested persons to express their views, both orally and in writing, with respect to the proposed issuance by the Authority of its qualified 501(c)(3) bonds, as defined in section 145 of the Internal Revenue Code of 1986, as amended (the “Code”) in one or more series of tax-exempt and/or taxable revenue bonds (the “Bonds”) in an aggregate principal amount not to exceed $115,000,000 pursuant to a plan of financing in connection with the following matters:

MUNIficent Quadrant Human Services NJ, LLC, a Delaware limited liability company (the “Purchaser”), Mpower Wellness NJ LLC, dba Wellness Recovery Center New Jersey, a New Jersey limited liability company (“WRC Operating Company”), and Zen Sobriety Homes LLC, a New Jersey limited liability company (“Zen Operating Company” and collectively with the Purchaser and WRC Operating Company, the “Borrower”), each being a single member limited liability company that is disregarded as an entity separate from its sole member for federal income tax purposes, and the sole direct or indirect member of each being MUNIficent Foundation, Inc., a Delaware nonstock corporation and an organization described in Section 501(c)(3) of the Code, have requested that the Authority issue the Bonds and lend the proceeds thereof to the Borrower to be used: (a) by the Purchaser to (i) purchase of all of the membership interests in WRC Operating Company and Zen Operating Company (together, the “Operating Companies”), and (ii) expand, renovate and/or equip certain facilities owned and operated by the Operating Companies, consisting of (A) an outpatient substance use disorder and behavioral health treatment center located at 231 Clarksville Road, West Windsor[1], New Jersey 08550, and (B) seven residential facility sober living homes currently operated at the following addresses: (1) 536 State Road, Princeton, New Jersey 08540; (2) 640 State Road, Princeton, New Jersey 08540; (3) 200 North Post Road, West Windsor[2], New Jersey 08550; (4) 144 Cranbury Road, Princeton Junction, New Jersey 08550; (5) 150 Gainsboro Road, Lawrence Township[3], New Jersey 08648, (6) 125 Merrick Rd Hamilton, New Jersey 08691 and (7) 118 Bethel Ave Hamilton, New Jersey 08620 (collectively referred to herein as the “Project”), (d) establishing a debt service reserve fund for the benefit of the Bonds, (ii) funding certain liquidity and other reserves, (iii) funding a portion of interest due on the Bonds during the transition period for the Project, (iv) financing working capital, and (v) paying certain expenses incurred in connection with the issuance of the Bonds.  The reasonably expected $115,00,000 maximum principal amount of Bonds may be allocable to any one of the components of the Project listed above, but the aggregate principal amount of Bonds allocable to all components of the Project will not exceed $115,000,000.  The Project will be owned and operated by the Borrower.

At the hearing, members of the public may appear in person or by attorney or by calling in on the Authority’s telephone conference line at 1-888-790-3708, Conference ID: 7825427 to provide information and make statements concerning the foregoing application.  Written comments must be submitted to the Authority no later than 5:00 p.m. on the day before the public hearing via email to Governance.Team@njeda.gov. 

ECONOMIC DEVELOPMENT FINANCINGS OF THE NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY WILL BE SPECIAL, LIMITED OBLIGATIONS OF THE AUTHORITY PAYABLE SOLELY FROM THE PAYMENTS MADE BY THE BORROWER TO THE AUTHORITY AND CERTAIN FUNDS AND ACCOUNTS ESTABLISHED UNDER THE INDENTURE FOR THE BONDS AND ARE NOT OBLIGATIONS OF THE STATE OF NEW JERSEY, NOR OF ANY COUNTY OR MUNICIPALITY THEREOF.

            This notice is published in accordance with the public notice requirements of Section 147(f) of the Internal Revenue Code of 1986, as amended.

TRENTON, N.J. (September 2, 2026) – The New Jersey Economic Development Authority (NJEDA) will open applications for Cohort III of the New Jersey Innovation Fellows (NJIF) Program on Wednesday, September 9, 2026, at 10:00 a.m. The program will provide income replacement grants of up to $400,000 to eligible entrepreneur teams looking to launch their businesses within New Jersey.

WHAT:           The NJIF program supports entrepreneurs with unique startup ideas by providing access to “income replacement” grants. This resource creates an opportunity for the entrepreneurs to pursue unique startup business ventures with the security of initial income replacement funding and guidance during the two-year ideation and formation period of their business.

In addition to financial support, the NJIF Program will provide comprehensive mentorship training for each entrepreneurial team. The 24-month mentorship program will provide expert guidance in various fields, conduct workshops, and offer networking opportunities with academic and industry partners through the New Jersey Innovation Institute and the Rowan Center for Innovation & Entrepreneurship.

Grants of $200,000 are available, with bonuses of up to $200,000 if an entrepreneur resides in an Opportunity Zone, self-certifies as a woman or minority, or graduated from a New Jersey college or university. Subject to the availability of funding, up to six applications will be recommended to the Authority’s Board for the Program award and entry into the mentorship program. If funding remains, a seventh award may be considered.

WHO:             Eligible applicants must consist of a team of no less than three individuals and be working to launch a business. For a full list of eligibility requirements, please click here.

WHEN:          Applications will open on Wednesday, September 9, 2026, at 10:00 a.m. and must be submitted by Friday, December 4, 2026, at 5:00 p.m.

The NJEDA is currently accepting questions from interested parties through Wednesday, September 9, 2026, at 5:00 p.m. Questions concerning this Program’s Notice of Funding Availability should be submitted to njinnovationfellows@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.

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Updates to Take Charge and NJ Cool programs will expand EV charging infrastructure and bolster building decarbonization

TRENTON, N.J. (August 26, 2026) – The New Jersey Economic Development Authority (NJEDA) Board recently approved modifications to the Take Charge Program and the NJ Cool Program to increase available funding, advance new solar and energy storage installations, reduce energy bills for businesses and institutions, and drive down greenhouse gas emissions. The approved changes align both programs with Governor Mikie Sherrill’s efforts to expand power generation, lessen strain on the state’s power grid, and lower energy costs, supporting affordability for the state’s residents and entrepreneurs.

“New Jersey’s businesses are the backbone of our economy, and we are committed to giving them the tools they need to grow, create jobs, and thrive,” said Governor Mikie Sherrill. “By aligning programs like Take Charge and NJ Cool with our broader energy affordability agenda, we are helping businesses lower costs and invest in their future. I’m grateful to the NJEDA for their partnership as we work to make New Jersey a more affordable and competitive place to do business.”

“Governor Sherrill understands that supporting business growth in New Jersey requires meaningful action on energy affordability, and in her first six months in office, she has enacted reforms to freeze energy rates, expand power supply, and bring real relief to ratepayers,” said NJEDA Chief Executive Officer Evan Weiss. “The changes to Take Charge and NJ Cool will align the NJEDA’s clean energy toolkit to Governor Sherrill’s energy affordability agenda, unlocking capital for business owners to continue growing their enterprises in the Garden State.”

The Take Charge Program will use Regional Greenhouse Gas Initiative (RGGI) funds to help commercial organizations cover the costs of establishing electric vehicle charging infrastructure for private fleets. Under the changes to the Take Charge Program approved by the Board, the minimum grant award size per project will be increased from $50,000 to $100,000 and the installation of on-site renewable energy generation or energy storage systems will be required as part of the proposed project scope. These modifications better align the program with the state’s current energy priorities, including the adoption of Virtual Power Plants (VPPs), which will better manage grid resources, lower electricity costs, and provide a future revenue source to participants.

Under the NJ Cool Program, the NJEDA utilizes RGGI funds to provide grants of up to $1 million for 50 percent of eligible project costs for building retrofit projects that reduce greenhouse gas emissions, helping create efficient, affordable, and more resilient buildings while supporting New Jersey’s broader clean energy goals. Phase 2 of the program will require updates to the building’s existing heating or cooling system and installing on-site renewable energy generation or energy storage systems.

The NJ Cool Program complements the NJEDA’s Reducing Emissions through Retrofits, Optimization, Fuel-Switching, and Innovative Technologies (RETROFIT NJ) Grant Program, which supports multi-pronged, large-scale retrofit projects that enable holistic energy improvements for buildings, campuses, and multi-building facilities. In June, the NJEDA announced it awarded 10 large-scale projects a total of $79 million under the RETROFIT NJ Program. The NJEDA recently updated the RETROFIT NJ Program to expand available funding and advance more solar generation, battery storage, and thermal energy network projects. Applications for Phase II of the RETROFIT NJ Program are expected to open later this summer.

The NJEDA’s other clean energy programs have continued to advance innovative energy projects during Governor Sherrill’s first months in office. Recently, the NJEDA and Nuveen Green Capital closed a $101 million loan under the Garden State Commercial Property Assessed Clean Energy (C-PACE) Program to support the construction of energy efficiency and renewable energy projects for the upcoming Lionsgate film studio in Newark. Additionally, more than $53 million in voucher funding has been approved under the New Jersey Zero-Emission Incentive (ZIP) Program in 2026, assisting in the purchase of 791 zero-emission medium- and heavy-duty vehicles from NJ-based dealerships, with more approvals ongoing. 

Collectively through its programs, the NJEDA has invested over $180 million in clean energy projects in 2026 so far. For more information on the NJEDA’s clean energy programs, visit www.njeda.gov/clean-energy/.

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. (August 24, 2026) – The New Jersey Economic Development Authority (NJEDA) Board approved a Cultural Arts Facilities Expansion (CAFE) Program award to support the Asbury Park Convention Hall’s $130 million renovation project. The investment in the 97-year-old convention hall in Monmouth County will expand equitable access to the performing arts for residents across the state, while catalyzing local economic development and revitalizing an important cultural anchor.

“For nearly a century, the Asbury Park Convention Hall has served as an iconic landmark that provides top-tier arts entertainment and programming for residents and visitors. It’s exciting for the NJEDA, under Governor Sherrill’s leadership, to be a part of this next chapter in its ongoing legacy,” said NJEDA Chief Executive Officer Evan Weiss. “Through investments in the arts and culture sector, the CAFE Program is helping drive new economic activity into communities and ensuring cultural hubs can continue serving the public for future generations.”

The Asbury Park Convention Hall Music & Performance Venue’s Restoration, Revitalization & Modernization Project will rehabilitate the 1920s-era performing arts center, which includes the Convention Hall, the Grand Arcade, and the Paramount Theater on the Asbury Park Boardwalk.  The entire complex will undergo a comprehensive restoration – inside and out – in accordance with historic preservation standards, revitalizing structural, mechanical, architectural, features, including the marquee, lobbies, mezzanines, storefronts, and performance spaces. ADA access upgrades will ensure the landmark is welcoming and inclusive for all visitors as it enters its next century of service.

Beyond its significance to Asbury Park, securing the future of this irreplaceable cultural landmark will serve as a cultural and economic asset for the entire State of New Jersey, drawing visitors and artists from near and far. The project’s goal to attract world-class talent will elevate New Jersey’s cultural profile far beyond the local community, creating ripple effects that bolster the state’s music, arts, and tourism sectors.

“Asbury Park is rooted in music, and the legendary Convention Hall is a center of that,” said Gary Mottola, President, Madison Marquette Asbury. “This CAFE award will ensure that Asbury Park remains a cultural heartbeat of the State for generations to come.”

First opened in 1929, the Convention Hall complex has hosted diverse programming spanning music, theater, dance, film, sports, conventions, and civic events, establishing it as a vital component of New Jersey’s creative and cultural landscape. The comprehensive upgrades will enhance the complex’s ability to attract top performers and diverse audiences while honoring its legacy as a symbol of cultural pride, resilience, and artistic expression. The project is approved for up to $75 million in CAFE Program tax credits.

“The City is thrilled about Madison’s approval application for the tax credits,” said Deputy Mayor Amy Quinn. “We thank the Sherrill administration and Senator Gopal for their support. This is a great step that has required years of work and negotiation. These credits come only if Madison stays in compliance. We look forward to working with the EDA and Madison Marquette to ensure one of the most historic and iconic structures on the East Coast is restored to its former glory.”

New Jersey’s arts and culture sector contributes billions of dollars in economic activity each year, drives tourism, and enhances quality-of-life for state residents. NJEDA initiatives like the CAFE Program and the Activation, Revitalization, and Transformation (A.R.T.) Program leverage the economic potential of arts and culture projects to boost foot traffic in downtowns and main streets across New Jersey, supporting local small businesses, creating jobs, bolstering engagement with the arts, and strengthening the vibrancy of communities. 

The CAFE Program aims to increase cultural arts activities, attract visitors, boost engagement with the arts in underserved communities, and revitalize downtowns by providing tax credits to build or renovate facilities, including aquariums, historical societies, libraries, galleries, and museums. Eligible awardees can receive tax credits covering up to 100 percent of eligible project costs, up to $75 million. 

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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Fund managed by Portal Innovations will support New Jersey Innovation Hub companies affiliated with the HELIX Strategic Innovation Center

TRENTON, N.J. (August 20, 2026) – Today, the New Jersey Economic Development Authority (NJEDA) Board approved a commitment of up to $5 million to an investment fund managed by Portal Innovations to support New Jersey life sciences companies based at the New Jersey Innovation Hub in the New Jersey Health + Life Science Exchange (HELIX) Strategic Innovation Center (SIC). This investment, matched by an up to $5 million commitment from RWJBarnabas Health, the exclusive healthcare partner to the fund, will help advance innovative startups focused on drug discovery and translational medicine, supporting entrepreneurs, creating jobs, strengthening community health and access to healthcare for the communities’ services, and driving long-term growth in the state’s innovation economy.

“Through our first six months in office, my Administration is taking action to ensure the next generation of innovative companies can thrive right here in New Jersey, from cutting costs and easing burdensome regulations, to making government more responsive to the needs of the business community,” said Governor Mikie Sherrill. “The partnership between the NJEDA and RWJBarnabas Health shows the power of public-private partnerships in building our state’s innovation economy, and will further New Jersey’s leadership in the life sciences sector.”

“From cutting red tape and burdensome regulations to expanding access to capital, Governor Mikie Sherrill is taking action to ensure companies can continue to grow and thrive in New Jersey,” said NJEDA Chief Executive Officer Evan Weiss. “The NJEDA’s $5 million investment to Portal Innovations, partnering with RWJBarnabas Health’s $5 million match, will bolster the state’s leadership in the life sciences sector, advance novel research and development, and strengthen New Jersey’s entrepreneurial ecosystem, encouraging the Garden State’s continued economic growth.”

SICs are facilities that support research and development, innovation, and entrepreneurship through mentorship, networking opportunities, hands-on training, business support services, and educational programming. Providing a physical location where entrepreneurs can collaborate helps cultivate new, diverse innovators and drives long-term economic growth. Robust public-private partnerships such as those fostered by SICs expand capital, networking, and development opportunities that strengthen New Jersey’s economy, supporting Governor Sherrill’s efforts to advance innovative economic development initiatives to increase entrepreneurship.

Building One of the HELIX development in downtown New Brunswick includes the New Jersey Innovation Hub, a collaborative environment equipped with full-service workspaces, wet and dry laboratories, conference facilities, food services and other amenities for participating startup companies. Strategic partnerships with private sector leaders like RWJBarnabas Health, which is matching the NJEDA’s $5 million commitment, will help engage and guide New Jersey Innovation Hub startups to real world patient needs, allowing healthcare innovations to quickly transition from discovery to bedside.

“At RWJBarnabas Health, we know the most promising breakthroughs in medicine shouldn’t stall on their way from bench to bedside. We see this collaboration with the NJEDA and Portal Innovations as a direct expression of Governor Sherrill’s vision for a more competitive, innovation-driven New Jersey — one where economic growth and improved health outcomes advance hand in hand,” said George Helmy, EVP and Chief Corporate Affairs Officer, RWJBarnabas Health.  “This strategic investment allows us to walk alongside entrepreneurs from their earliest ideas through clinical application, ensuring that life sciences innovation translates into better outcomes for the patients and communities we serve.”

Portal Innovations, a life sciences venture creation and development platform, was selected as the operator of the New Jersey Innovation Hub in May 2025. The company provides a comprehensive national network encompassing multiple locations and exclusive services tailored to the needs of members and founders. To date, Portal has helped more than 90 innovative startups across various therapeutic areas, including medtech, diagnostics, and data sciences.

“Successful life sciences ecosystems are built through collaboration, and public-private partnerships are essential to creating the conditions where entrepreneurs can thrive, and we’ve already had success in New Brunswick by signing 18 members at the New Jersey Innovation Hub” said John Flavin, Founder and CEO of Portal Innovations. “The investment from NJEDA and RWJBarnabas Health is a seminal moment for life sciences innovation in the state. These funds represent an important commitment to giving New Jersey startups the resources they need to reach their next milestones and build on the momentum already underway in the state’s life sciences ecosystem.”

The New Jersey Innovation Hub is further supported by public and private partners, including Rutgers University, Hackensack Meridian Health, Johnson & Johnson, the New Brunswick Development Corporation, and Middlesex County.

The NJEDA has announced investments into 12 SICs in New Jersey, focused on industries such as artificial intelligence, fintech, aerospace, life sciences, and biotech. In addition to the New Jersey Innovation Hub, several SICs, including the NJ AI Hub, The New Jersey Accelerator for Innovation in Medtech, and the Nurture New Jersey SIC, have associated investment funds in recognition of the importance of access to capital in startup growth. To learn more about the NJEDA’s SIC initiative, visit https://www.njeda.gov/strategic-innovation-centers/. 

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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A Special Meeting of the New Jersey Economic Development Authority is scheduled for 10:00 AM, Thursday, August 20, 2026. The Members will convene via conference call and Microsoft Teams only, to discuss and vote on the following matters:

AUTHORITY MATTERS

ITEM: MOU with NJ Innovation Authority for Technology Initiatives

STRATEGIC INNOVATION CENTER

ITEM: Life Sciences Fund Investment

CLEAN ENERGY

ITEM: Modifications to the Take Charge Program

ITEM: NJ Cool Pilot Program Phase 2

ITEM: Modifications to the Reducing Emissions Through Retrofits, Optimization, Fuel-switching and Innovative Technologies Grant Program (RETROFIT NJ)

CAFÉ

ITEM: Madison Asbury Retail LLC: Asbury Park Convention Hall Music & Performance Venues Restoration, Revitalization & Modernization, Asbury Park

DIGITAL MEDIA TAX CREDIT PROGRAM

ITEM: NBA Properties, Inc. FY24

ITEM: Audible, Inc. FY23

ASPIRE

ITEM: Notice of Final Adoption of the July 2025 Specially Adopted and Concurrently Proposed Rules to the Aspire Program (N.J.A.C. 19:31V)

ITEM: 533 Main St LLC (Applicant), NSI Aspire LLC (Co-Applicant) – Modification – (East Orange, Essex County)

BOARD MEMORANDA – FYI ONLY

  • Credit Underwriting Delegated Authority Approvals, August 2026
  • Real Estate Delegated Authority August 2026

Members of the public may participate in the meeting by calling in on the conference line or joining via Microsoft Teams. Members of the public will have an opportunity to speak during the public comment segment of the meeting.

The following conference number is provided:

CONFERENCE NAME:                    NJEDA SPECIAL BOARD MEETING

PARTICIPANT DIAL-IN NUMBER:       1-888-790-3708

PARTICIPANT ACCESS CODE:             7825427

Members of the public are encouraged to call in prior to the time the meeting is scheduled to begin to avoid any delays.

The agenda can be found 48 hours prior to the meeting on our website: https://www.njeda.gov. 

The meeting will also be recorded and posted to the NJEDA website shortly after the conclusion of the meeting.

Funding will facilitate the installation of energy efficiency, renewable energy, EV charging, and water conservation measures  

TRENTON, N.J. (August 13, 2026) – Today, the New Jersey Economic Development Authority (NJEDA) and Nuveen Green Capital announced the closing of a $101 million loan under the Garden State Commercial Property Assessed Clean Energy (C-PACE) Program. The funding, administered alongside senior lender and alternative investment manager MCCP, will support the construction of energy efficiency and renewable energy projects for the upcoming Lionsgate Studios Newark, which is owned and operated by Great Point Studios, increasing power generation, easing upfront costs for developers, creating high-quality jobs, and expanding New Jersey’s nation-leading film and television infrastructure.   

 C-PACE financing will be used to install seven electric vehicle charging stations and a 1.1 mega-watt (MW) solar power system with anticipated annual generation of 1.34 million kilowatt-hours (kWh), advancing Governor Mikie Sherrill’s efforts to bolster power generation and lower costs for New Jerseyans. Energy-efficient building envelope, lighting, and electrical HVAC systems will also help reduce electricity consumption by 388,000 kWh annually, reducing strain on the power grid and lowering utility costs, while water conservation measures are projected to save 259,000 gallons of water annually.  

“Governor Sherrill has taken meaningful action throughout her first year in office to expand power generation, cut red tape for businesses, lower costs for New Jerseyans, and strengthen the state’s high-growth industries,” said NJEDA Chief Executive Officer Evan Weiss. “To advance the Governor’s efforts, the NJEDA continues to make impactful investments through its clean energy programs, and support for Lionsgate under the Garden State C-PACE Program exemplifies the tremendous economic opportunities available for businesses while simultaneously bolstering the state’s booming film and television industry.”  

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 cash flow positive from the outset. Municipalities are required to opt-in prior to any project application.  

“We are thrilled to partner with NJEDA as well as MCCP to capitalize this significant project, which marks not one, but two milestones, as the largest C-PACE transaction ever closed in New Jersey and the first in the city of Newark,” said Mike Doty, Senior Director of Originations, Nuveen Green Capital. “Through C-PACE, the sponsor will realize meaningful cost savings by financing eligible improvements at a competitive rate over a longer term, preserving capital that can be redeployed into the development itself. As C-PACE continues to expand across asset classes and use cases, it is exciting to see it applied to a project of this scale and cultural significance, one that is strategically located close to New York City and will bring jobs, production activity, and sustainable infrastructure to Newark for years to come.”

Lionsgate Studios Newark will sit on a 12-acre site and feature six soundstages designed to accommodate simultaneous film and television productions of varying scale. The property will include comprehensive production support infrastructure with mill shops for set construction and fabrication, dedicated production offices, support space, and equipment storage. The studio will also provide career training to Newark high school students as the film and production economy in New Jersey continues to grow. Construction is expected to be complete in 2027.   

Lionsgate Studios Newark was announced as New Jersey’s first-ever Studio Partner in December 2022, allowing the company to access expanded benefits under the state’s Film and Digital Media Tax Credit program. Under the designation agreement, Lionsgate (NYSE: LION) commits to occupy a New Jersey film production facility for at least 10 years and is potentially eligible for a 40 percent base tax credit for qualified production expenses on future New Jersey film projects.  

Since the state’s Film and Digital Media Tax Credit Program was reinstated, film production in New Jersey has surged. In 2024, in-state production spending from filmmaking hit an estimated $834 million, surpassing the previous record of $701 million in 2022. To accommodate the surge in film production, the new Lionsgate Studios Newark, along with Netflix’s new studio at Fort Monmouth and 1888 Studios in Bayonne, will significantly expand the state’s film and television infrastructure, attracting more productions, creating jobs, and stimulating local economies.    

“Newark represents one of the most exciting opportunities for the future of film and television production,” said Robert Halmi, Founder and CEO of Great Point Studios. “This financing is an important milestone that allows us to bring a world-class, purpose-built studio to a city with tremendous potential. Lionsgate Newarkwill deliver sustainable infrastructure that supports the next generation of film and television production while creating high-quality jobs, supporting local businesses, and helping establish Newark as a new center for creative and economic growth.”

“As large and as creative as this complex financial transaction is, it is dwarfed by the enormous benefit it bestows on the people of our city,” said Newark Mayor Ras J. Baraka. “Rising from a long-neglected expanse of land in the South Ward, this investment brings palpable hope in the form of forward-facing infrastructure, job creation and over-arching economic development. The construction phase brings employment and infuses collateral spending in the neighborhood. The studios spur relevant workforce development, permanent careers and a host of local support businesses. Beyond that, by signing the Community Benefits Agreement, Great Point has committed to ongoing educational, arts and cultural programs that will further enrich residents of all ages, for generations to come.”

 “Asset Environments appreciates our continued relationship with NJEDA and Nuveen Green Capital to evaluate and review the energy and economic impacts of exciting developments in New Jersey. Working with outstanding administrative, financing, design, and engineering teams are what allow projects like this to be successful,” said Asset Environments Energy Engineer Troy Teeter. “New Jersey C-PACE’s use of whole building energy modeling in combination with bonus technologies provides access to capital financing with tangible benefits to the sponsor. Through the PACE review process, the project design team implemented additional energy saving improvements into the building’s design enabling access to additional financing. As a result, the project is expected to reduce its total site energy consumption to align with the project’s sustainability and operational goals, while maximizing financial benefit. This project is a showcase of how sustainably minded borrowers benefit from the advantages of C-PACE as a tool to both improve their building and meet their financial goals.”

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 3,581 C-PACE projects throughout the United States, which have drawn a collective investment of over $9.75 billion and have created 148,795 jobs. The Garden State C-PACE Program is already making meaningful investments in projects around the state, closing more than $176 million in financing since launching in July 2025.   

A list of current Participating Municipalities, Qualified Capital Providers, and Qualified Technical Reviewers can be found here. The NJEDA will continue accepting applications for municipalities, capital providers, technical reviewers, and C-PACE projects on a rolling basis.   

For more information, including C-PACE eligibility requirements and program guidelines, visit https://www.cpacenj.gov/ 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.

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