Residential developments exclusively for seniors will be located in Gloucester & Middlesex counties

ATLANTIC CITY, N.J. (November 21, 2024) – This week, the New Jersey Economic Development Authority (NJEDA) Board approved two Aspire tax credit awards for affordable housing developments in New Brunswick and West Deptford, providing 150 units for seniors, veterans, and unhoused communities.

“The Aspire Program serves as a cornerstone of Governor Murphy’s stronger and fairer economic strategy by increasing access to affordable housing and investing in communities across the state,” said NJEDA Chief Executive Officer Tim Sullivan. “The Hildebrand Commons and the Gordon H. Mansfield Veterans and Seniors Village will contribute to the long-term vibrancy and vitality of Gloucester and Middlesex counties, expanding the tax base and offering high-quality, accessible housing for hundreds of New Jersey residents.”

Hildebrand Commons, located at the former Hoffman Pavilion public housing facility in New Brunswick, will be a six-story building consisting of 66 housings units for seniors. 26 units will be reserved for income levels of 60 percent of the area median income (AMI), 26 units will be reserved for income levels of 50 percent of the AMI, and 13 units will be reserved for income levels of 30 percent of the AMI. The development will also include five special-needs units reserved for homeless individuals. Each unit will be equipped with an EnergyStar dishwasher and refrigerator, central air conditioning, and will comply with the New Jersey Housing and Mortgage Finance Agency (NJHMFA) Energy Star Homes Program.

The developer of Hildebrand Commons, Hoffman Housing Urban Renewal Associates, LLC, was approved for up to 60 percent of the total project cost, not to exceed $20.1 million. The project is also supported by Low-Income Housing Tax Credits through the NJHMFA.

“We are proud to partner with the NJEDA and Hoffman Housing Urban Renewal Associates on this transformative project, which not only addresses the critical need for affordable housing but also enhances our community by providing state-of-the-art, energy-efficient homes for those who need them most,” said New Brunswick Mayor Jim Cahill. “Hildebrand Commons represents a significant step forward in ensuring that New Brunswick remains a city where our senior residents can live with dignity, security, and opportunity.”

The project located in West Deptford, known as the Gordon H. Mansfield Veterans and Seniors Village, will be a newly constructed 84-unit residential development exclusively for seniors and veterans. The four-story building will include a total of 84 one- and two- bedroom units. 63 units will be reserved for seniors at low- and moderate-income levels, 21 of which will be for veterans experiencing physical or mental disabilities. Amenities for the development include space for telehealth appointments, private space to meet with case managers or outside service providers, a community room, lounges on each floor, laundry rooms, and outdoor gathering space.

The development owners, West Deptford Apartments LLC, were approved for up to 60 percent of the total project cost, not to exceed $25.3 million. The project is also supported by Low-Income Housing Tax Credits through the NJHMFA.

The co-applicant of the project, Soldier On Veterans Village IX LLC, will provide a variety of services and programs to help residents live independently. Services include financial literacy, legal services, nutritional education, transportation services, and mental health and substance use education.

“The Gordon H. Mansfield Veterans and Seniors Village is a testament to our commitment to supporting both our seniors and veterans, two of the most deserving groups in our community,” said West Deptford Mayor James Mehaffey. “This development will not only provide affordable, high-quality housing but also offer vital services that empower residents. We are appreciative of all of the hard work in developing the project, and are appreciative of the NJEDA and Aspire program for helping facilitate the positive impact it will have on West Deptford.”

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 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.

###

Next New Jersey Program will provide tax credits to innovative AI companies

TRENTON, N.J. (November 20, 2024) – The New Jersey Economic Development Authority (NJEDA) is seeking public input on draft rules for a new program aimed at drawing significant investment, creating high-paying jobs, and cementing New Jersey’s position as a leader in the Artificial Intelligence (AI) industry. The Next New Jersey-AI program will offer tax credits for companies ready to invest in New Jersey’s AI sector and commit to the state’s long-term growth.

WHAT: A virtual listening session will be held at 11:00 a.m. on Friday, November 22, 2024. Click here for more information.

WHO: Feedback must be submitted in writing no later than 5:00 p.m. on Monday, December 2, 2024. Written feedback can be submitted here.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

###

Grant funding will unlock inactive licenses, supporting Governor Murphy’s initiative to reform antiquated liquor license laws

ATLANTIC CITY, N.J. (November 20, 2024) – The New Jersey Economic Development Authority (NJEDA) Board approved the creation of the Small Business Liquor License Grant Program. The new program, funded at $10 million, will provide up to $100,000 in grant funding to reimburse eligible small businesses that have purchased an inactive plenary retail consumption liquor license within the past 12 months, supporting the reactivation of over 1,300 inactive licenses.

 “The Small Business Liquor License Grant program is an important step in removing financial barriers for our small businesses and will give them the opportunity to grow and transform their business with a liquor license,” said Governor Phil Murphy. “I was proud to sign legislation earlier this year to overhaul New Jersey’s outdated liquor license laws. This is another step toward eliminating obstacles and helping small businesses thrive.”

“Under Governor Murphy’s leadership, the NJEDA has prioritized the support of small businesses through the Main Street Recovery Finance Program, ensuring that entrepreneurs across the state have the tools and funding they need to thrive,” said NJEDA Chief Executive Officer Tim Sullivan. “The Small Business Liquor License Grant will relieve the negative financial burdens of obtaining a liquor license, unlocking economic opportunity for restaurant owners and contributing to the post-pandemic vitality of New Jersey’s main streets.”

In January, Governor Murphy signed legislation overhauling the state’s outdated liquor license laws, which aims to increase the number of available liquor licenses statewide by revitalizing inactive licenses. The program will offer a reimbursement of 50 percent of the license purchase price not to exceed $100,000 to a New Jersey-based small business. The license must have been an inactive plenary retail consumption liquor license, as determined by the New Jersey Division of Alcoholic Beverage Control (ABC), and must remain active for a minimum of five years.

Forty percent of grant funding will be reserved for applicant businesses located in eligible Opportunity Zone census tracts. Applications are expected to open in early 2025. For more information, including eligibility requirements, click here.

The Small Business Liquor License Grant is part of a suite of programs offered under the Main Street Recovery Finance Program, which aims to support the growth and success of small businesses in New Jersey. For more information on the NJEDA’s small business support programs, click 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.

###

Please be advised that the next Capital City Redevelopment Corporation Board Meeting will be held in person and via teleconference on Tuesday, November 26, 2024, at 11:00 am. 

Members of the public who wish to speak during the public comment segment of the meeting, pertaining to agenda items, may attend in person or call into the meeting by using the conference number, and are encouraged to call in prior to the meeting start time to avoid any delays.

IN PERSON:

NJEDA Board Room

36 West State Street, Trenton, NJ 08625

TELECONFERENCE:

CONFERENCE NAME:                                CCRC BOARD MEETING

PARTICIPANT DIAL-IN NUMBER:              551-220-2262

PARTICIPANT ACCESS CODE:                    310 507 923#

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

Please be advised that the Board Meeting for the New Jersey Green Bank scheduled for November 14, 2024, is hereby cancelled.

The next regularly scheduled meeting is Thursday, December 12, 2024, virtually, and in person at the NJEDA’s Trenton offices.  

The New Jersey Economic Development Authority’s next public Board Meeting will be held in person and via teleconference on Monday, November 18, 2024, at 12:00 pm.

IN PERSON:

Stockton University – Kesselman Hall Classroom B119/120

3701 Boardwalk, Atlantic City, NJ 08401

TELECONFERENCE:

CONFERENCE NAME:                                NJEDA BOARD MEETING

PARTICIPANT DIAL-IN NUMBER:              877-692-8955

PARTICIPANT ACCESS CODE:                    4204420

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.

A meeting of the Commission of Science, Innovation and Technology (CSIT) Board has been scheduled for Friday, November 15, 2024, at 10:00 am.

A copy of the proposed agenda can be found at https://www.njeda.gov/csit.

PARTICIPANT DIAL-IN NUMBER:              551-220-2262

PARTICIPANT ACCESS CODE:                    330 992 797#

TRENTON, N.J. (October 31, 2024) – The New Jersey Economic Development Authority (NJEDA) will open applications for the Offshore Wind Applied Research Administration Grant Challenge on November 4, 2024. The Grant Challenge is a pilot program where the NJEDA will award a single grant of $6.35 million to an Administrator to develop and administer a Sub-Grant Program for offshore wind applied research and innovation open to universities and colleges located in New Jersey.

WHAT: This Grant Challenge is a competitive funding opportunity, where applicants will be asked to submit proposals that outline their plans to develop and manage a Sub-Grant Program, through which at least two solicitations will be administered to provide funding to New Jersey colleges and universities for applied research projects for the offshore wind industry. The Sub-Grant Program will provide grants for research projects that show a connection to potential commercialization or innovation of offshore wind technologies.

WHO: Non-profit entities with direct experience overseeing and administering a minimum of one prior offshore wind research and development solicitation are eligible to apply. New Jersey universities and colleges are not eligible to apply for this grant challenge.

WHEN: Applications for this program will open on Monday, November 4, 2024, and close on Thursday, December 19, 2024. A Q&A will be posted on Tuesday, November 26, 2024.

For more information on the Offshore Wind Applied Research Administration Grant Challenge, click 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.

###

More than 350 attendees gathered in Atlantic City to explore the latest developments in offshore wind and discover new prospects in the growing sector

ATLANTIC CITY, N.J. (October 29, 2024) – As part of the ongoing collaboration between New York and New Jersey, the New Jersey Economic Development Authority (NJEDA) and New York State Energy Research and Development Authority (NYSERDA) co-hosted the “New York & New Jersey Offshore Wind Supplier Forum,” in Atlantic City on Monday. The forum, part of a bi-annual series, connected local businesses with developers and other contracted suppliers to explore opportunities in offshore wind, helping New Jersey and New York businesses to build the knowledge and relationships needed for success in the growing industry.

The event brought together more than 350 registered attendees from the regional offshore wind industry eager to supply products and services for projects along the East Coast.

“Through our partnership with NYSERDA, we were able to provide businesses across the region with critical information and a forum to directly connect with new opportunities in the growing sector,” said NJEDA Chief Executive Officer Tim Sullivan. “Under Governor Phil Murphy’s leadership, we are committed to realizing the promise of a clean energy future, and this Supplier Forum is a testament to our vision of a robust offshore wind economy.”

“Governor Hochul’s firm commitment to advancing offshore wind development while reducing its cost is bolstered by New York and New Jersey’s shared vision for a regional supply chain to support regional and national efforts to deploy this resource at scale,” said NYSERDA President and CEO Doreen M. Harris. “Together, we can leverage the lessons learned from overcoming obstacles and keep driving progress for this powerhouse industry.”

At the event, the states announced the launch of a joint workforce development website, offshorewindtraining.org, which includes occupation descriptions, funding opportunities, and a map of all the offshore wind training locations in both New Jersey and New York.

Attendees networked among developers and suppliers, as well as attended several informative sessions on supply chain development. Notably, the session “New York-New Jersey Partnership Success Story,” offered valuable insight into how New Jersey and New York businesses collaborated with European partners to localize components, creating a major manufacturing success in the rapidly growing US offshore wind industry.

“The Offshore Wind Supplier Forum was a valuable opportunity that we were proud to be a part of,” said Chris Johnston, Vice President of Offshore Wind at Riggs Distler. “Our session highlighted the importance of making connections and developing relationships with other like-mind organizations to support these large-scale construction projects. Our work with Smulders and LJUNGSTROM and other Tier 2 and Tier 3 suppliers was built on the collaborative drive towards a sustainable future as we actively shape the offshore wind landscape.”

Consistent with the commitment to support small businesses, the Forum featured 10 New Jersey and New York companies that made a two-minute pitch each to present their capabilities and highlight the services they can offer for offshore wind projects to an audience of developers and other primary component suppliers.

To stay up to date on additional events in New Jersey, visit: https://www.nj.gov/offshorewind/. To stay up to date on additional events in New York, visit https://www.nyserda.ny.gov/All-Programs/Offshore-Wind/Announcements-and-Events.
 

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.

About NYSERDA

NYSERDA, a public benefit corporation, offers objective information and analysis, innovative programs, technical expertise, and funding to help New Yorkers increase energy efficiency, save money, use renewable energy, and reduce reliance on fossil fuels. NYSERDA professionals work to protect the environment and create clean-energy jobs. NYSERDA has been developing partnerships to advance innovative energy solutions in New York State since 1975. To learn more about NYSERDA’s programs and funding opportunities, visit nyserda.ny.gov or follow us on Twitter, Facebook, YouTube, or Instagram. 

###

Golden Seeds has invested over $180 million in 250 women-led companies since its inception 20 years ago

TRENTON, N.J. (October 25, 2024) – The New Jersey chapter of Golden Seeds, supported by First Lady Tammy Murphy and the New Jersey Economic Development Authority (NJEDA), joined the national chapter in commemorating its 20th anniversary at a celebration on Tuesday in Montclair. Golden Seeds is one of the nation’s most active early-stage angel investment firms focused on supporting women-led businesses, investing over $185 million into 250 companies since it was established in 2004.

The New Jersey Golden Seeds chapter, which was founded in 2020, has invested over $9.7 million in female-led companies.

“As Golden Seeds celebrates its 20th anniversary, it is important to recognize and celebrate the opportunities that our unique partnership between Golden Seeds and the NJEDA is creating for women-led startups and female entrepreneurs,” said First Lady Murphy. “Together, we are ensuring that female founders have the resources and support they need to thrive by leveraging a national network of angel investors and thus creating a stronger and more equitable economy. In just four years, our New Jersey chapter has become the most active Golden Seeds chapter in the nation, and I have no doubt that we are a world leader in financial services, pharmaceuticals, generative AI, fin-tech, and so many other industries, because we have invested in empowering female leaders across our state.”

“Under Governor Phil Murphy and First Lady Tammy Murphy’s leadership, New Jersey is creating an environment where women-led businesses can succeed, by breaking down barriers to capital and encouraging a vibrant and equitable angel investment landscape,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “The New Jersey Chapter of Golden Seeds is supporting female founders in the Garden State with mentoring and investment opportunities, arming them with the tools needed to thrive.”

Golden Seeds’ members are dedicated to evaluating, funding, and helping companies with at least one woman in an upper management role who has an equity position. To support Governor Murphy’s goals of building a stronger and fairer New Jersey economy and creating the most diverse innovation ecosystem in the nation, First Lady Murphy and the NJEDA organized the New Jersey chapter of Golden Seeds in 2020, contributing to the creation of a strong, cohesive, and equitable angel investing community.

“Although I’ve traveled and lived around the world and have been a long time member of Golden Seeds, investing and mentoring companies with diverse teams, I am a “Jersey Girl” born and bred,” said Golden Seeds Managing Director Gina Tedesco. “So it is immensely rewarding to play even a small part in helping to create this world class partnership to increase access to capital for all the incredible women-led companies in New Jersey, my own backyard”

Innovative women-led New Jersey companies supported by Golden Seeds’ New Jersey chapter include:

  • SunRay Scientific, based in Eatontown, offers custom-engineered, interconnected solutions for advanced electronic packaging. The company raised over $350,000 from Golden Seeds in the first round, with Golden Seeds participating in a $2 million follow-on round. SunRay Scientific utilized additional benefits from the NJEDA’s Angel Investor Tax Credit Program.
  • Otava Inc., based in Moorestown, is focused on end-to-end technology and chip development used by advanced 5G commercial and Department of Defense applications. The company raised $610,000 from Golden Seeds funding for the first round and are expected to close a second round before the end of 2024.
  • Endomedix, based in Montclair, raised over $200,000 in funding from Golden Seeds. The company develops a medical device that stops brain bleed during surgery and reduces swelling.
  • Princeton Identity, based in Hamilton, develops iris and face biometrics for human authentication to control access, time & attendance, and point-of-sale applications. The company raised $320,000 from Golden Seeds and received an additional $500,000 through the NJEDA’s Angel Match Program.

The New Jersey chapter of Golden Seeds holds monthly Office Hours to connect entrepreneurs and Golden Seeds members and provide information on the angel investing process. From February 2020 thru September 2024, the chapter has hosted 189 female entrepreneurs in 46 monthly office hours. To sign up for an Office Hours session, click here.

Investors interested in Golden Seeds membership and the broader angel investing community can join an online forum to observe members as they consider future investments. For more information, visit https://goldenseeds.com/angel-network/interested-in-joining/.

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.

###