Aspire awards will support affordable senior housing in Essex & Gloucester counties

TRENTON, N.J. (October 13, 2023) – The New Jersey Economic Development Authority (NJEDA) Board yesterday approved two additional senior residential development projects for Aspire awards. The two projects, one located in Newark, and the other in Washington Township, will include 164 housing units for seniors, all of which will be affordable.

To date, the Board has now approved a total of $294 million in Aspire awards for residential projects, leading to the creation and preservation of over 1,500 housing units, nearly 70 percent of which will be affordable. With the development projects that were approved yesterday, a total of four senior residential developments, all 100 percent affordable, have been approved for Aspire awards. Both projects are also benefitting from financing provided by the New Jersey Housing and Mortgage Finance Agency’s Low Income Housing Tax Credit program.

“The Aspire Program continues to support affordable residential development for seniors and hardworking families across New Jersey,” said NJEDA Chief Executive Officer Tim Sullivan. “Today’s approvals are fulfilling Governor Phil Murphy’s goal to ensure New Jersey’s seniors have access to safe and affordable housing options. Through the Aspire Program, the NJEDA will continue investing in communities, supporting families and seniors, and creating a stronger, fairer New Jersey.”

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.

The development project in Newark, known as Forest Hill House, consists of the acquisition and rehabilitation of an existing senior apartment building and was approved for over $8.18 million in Aspire tax credits. The 10-story building located at 505 Mt. Prospect Avenue, consists of 100 housing units, including studios and one-bedroom units, as well as multiple common spaces and 25 parking spaces.

Forest Hill House has served as a senior residential building since it was built in 1977. The lead developer, Tredway Group LLC, will oversee a large-scale overhaul of the building, including heating system, roof, and window replacements and security system, kitchen, and bathroom upgrades. The rehabilitation will also include a transition to energy efficient lighting and appliances and upgrades to make the building more accessible for handicap residents.

A new affordable senior housing development project in Washington Township, Gloucester County was approved for over $12 million in Aspire tax credits. The new construction, three-story building, which will be built on a vacant lot at 4500 Black Horse Pike, will offer 64 one- and two-bedroom units. The building will also offer a community room with a kitchen, a fitness room, and a laundry room, as well as 99 parking spaces for residents. Ingerman Development Company LLC is the lead developer for the project.

In line with Governor Murphy and the NJEDA’s commitment to fiscal responsibility and transparency, the Aspire program rules include provisions, such as a gap financing review and excess revenue sharing requirements, to ensure tax credits are awarded responsibly.

The Aspire program application, as well as complete rules, eligibility requirements, award sizes, and other information can be found here.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

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

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First Complete Cycle of Investment Under Novel State Program Benefits Newark Provider of HR Gaming Platform

TRENTON, N.J. (October 12, 2023) – The New Jersey Economic Development Authority (NJEDA) Board today approved the first investment in an emerging New Jersey company from the New Jersey Innovation Evergreen Fund (NJIEF). The investment into Newark-based 1Huddle, Inc. is the result of approval of an application submitted by EMERGING Fund Management LLC for an initial Qualified Investment amount of up to $500,000.

“The NJIEF is unique to New Jersey because of its self-sustaining model, designed to create a continuous loop of investment and mentorship,” said New Jersey Governor Phil Murphy. “The achievement of this first cycle of investment is something to celebrate, as it validates the program’s ability to fuel the next generation of innovative New Jersey businesses.”

The NJIEF, launched in 2022, is a groundbreaking tool to increase access to strategic resources and venture capital in New Jersey. Under the NJIEF, the State acts as an equity investor in startups, deploying up to $600 million into companies alongside professional venture capital groups. The Evergreen Fund currently has $46 million available and is expected to use this to fund initial investments into six to ten high-growth businesses in New Jersey. The NJEDA expects to conduct another tax credit auction in 2024 to raise additional capital for further investment.

“Today’s inaugural investment approval under the NJIEF is a milestone moment for the program and for the State’s innovation economy,” said NJEDA Chief Executive Officer Tim Sullivan. “The NJIEF is the embodiment of Governor Phil Murphy’s commitment to the next generation of New Jersey innovators so they can become tomorrow’s job creators. The program achieves all this by engaging the state’s iconic industry leaders in a way that catalyzes investment, and fosters knowledge sharing, mentorship, and networking opportunities.”

“This initial investment in 1Huddle is an exciting day for our state and will provide a window into how this new partnership program will advance New Jersey’s leadership role in growing the companies of the future,” said New Jersey State Senator Andrew Zwicker. “New Jersey has long served as the birthplace for inventions that changed our world – from Thomas Edison and the development of the lightbulb to Beatrice Hicks and the creation of a switch critical to landing astronauts on the moon. I look forward to seeing the next step for 1Huddle and future companies approved under the Innovation Evergreen Fund.”

1Huddle is a future of work platform that uses quick-burst mobile games to more effectively onboard, upskill and fire up workers. The company previously received support from the New Jersey Commission on Science, Innovation and Technology’s Small Business Innovation Research Matching Grant Program. 1Hudlle has also received previous funding from New Jersey-based Newark Venture Partners. As part of this financing round by Emerging Fund Management more fresh capital comes into the state to alongside Newark Venture partners.  The gaming company is an excellent example of capitalizing on the support available to emerging innovation businesses in New Jersey.

“We are honored and excited to receive the first investment from the New Jersey Innovation Evergreen Fund. The program is proof of the State’s commitment to fostering innovation and supporting startups making a real impact,” said 1Huddle Founder and CEO Sam Caucci. “This investment will allow 1Huddle to continue to accelerate our growth path – strengthening our workforce, advancing our technology, and uplifting workers across the globe. And, we’re proud to do it all here in New Jersey.”

EMERGING Fund is one of 10 Qualified Venture Firms (QVF) approved to date to access up to $12.5 million annually per investor from the NJIEF to co-invest in innovative, high-growth New Jersey-based businesses. It is one of the first growth equity funds to focus on the intersection between technology and the restaurant space (“ResTech”) and restaurant and entertainment concepts. Emerging Fund provides capital, strategic support, and industry expertise to innovative companies within the sector.

“We are excited to see 1huddle as the first NJDEA approved investment,” said Mathew Focht, General Partner, EMERGING Fund. “This investment will support EMERGING and 1Huddle, as we deliver solutions on improving effectiveness in restaurant workforce training and empowering the hospitality worker.”    

“Approval of EMERGING Fund’s investment in 1Huddle affirms that the NJIEF is doing what it was designed to do – create a sustainable cycle of investment that capitalizes on the strengths of mature, successful New Jersey companies to cultivate the next crop of groundbreaking innovations and industry-leading companies,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “The NJIEF is helping us to achieve that vision and we look forward to seeing many more up and coming New Jersey businesses benefit.” 

Applications for venture firms seeking to qualify as a QVF can be found here and are being accepted on a rolling basis. The ten firms approved to date represent diversity in terms of investment strategy, industry, and stage. Additionally, there continues to be strong momentum from interested managers. The roster of the current approved ten managers can be found here.   

Applications for approved QVFs to apply for Qualified Investments into high-growth, innovative businesses based in New Jersey are also now open. The total unallocated capital available for new investments stands at over $46 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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$24 Million Pilot Program will Provide Grant Funding to Facilitate Future Redevelopment Projects

TRENTON, N.J. (October 12, 2023) – The New Jersey Economic Development Authority (NJEDA) Board today approved the creation of the Local Property Acquisition Grant Program. The pilot program will provide grants to governmental or not-for-profit local economic and community development entities for the acquisition of vacant properties to facilitate future redevelopment projects. Of the $24 million in funding available, approximately $3 million will support acquisitions for strategic public use projects, including public plazas, parks, and walkways, and the remainder of program funding will support acquisitions for future development projects, including commercial or mixed-use developments and research or laboratory spaces.

“The redevelopment of vacant or underutilized properties is essential to enhancing the economic future of New Jersey’s communities and will provide much-needed jobs to local residents and tax revenue to municipalities,” said NJEDA Chief Executive Officer Tim Sullivan. “The Local Property Acquisition Grant Program will support local economic development strategies across the state by turning unused real estate assets into thriving commercial properties and community gathering places.”

Maximum grant thresholds are $1 million for strategic public use developments and $4 million for future development projects. The minimum grant request for each product is $50,000. Grant funding for the program will be subject to a competitive application process expected to open in early 2024. After eligibility review and scoring, recommended applications will be sent to the NJEDA Board for final approval. For more information on the program, including application requirements, scoring parameters, and a full list of eligible projects, visit https://www.njeda.gov/local-property-acquisition-grant-program/.

The $24 million pilot program is funded from $70 million established for real estate project funding in the Fiscal Year 2023 Appropriations Act. The Act allocates significant funding for numerous strategic economic development investments to support key industries, advance the innovation economy, continue to bolster economic recovery following the COVID-19 pandemic, and spur statewide growth.  

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. (October 12, 2023) – The New Jersey Economic Development Authority (NJEDA) is increasing the amount of tax credits available to $15 million through the Food Desert Relief Tax Credit Auction. The proceeds of the auction will fund programs aimed to improve and increase access to healthy and affordable food throughout New Jersey’s 50 Food Desert Communities (FDCs).

WHAT:            Due to robust response to the Food Desert Relief Tax Credit Auction, the NJEDA has raised the available auction pool from $10 million to $15 million. Eligible bidders must be New Jersey Corporation Business Tax or Insurance Premiums Tax filers. Companies can bid for tax credits at a discount of up to 15 percent.

Proceeds from the auction will be used to fund programs that will advance the priorities established by the Food Desert Relief Act (FDRA). These future grants, loans, and technical assistance initiatives will complement the Food Desert Relief Tax Credit Program, a tax credit program to support development and operation of new supermarkets in FDCs, by supporting small and mid-sized food retailers and other entities involved in strengthening food security.

WHEN:           Applications will close on October 18 at 5:00 p.m.

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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Please be advised that the next Capital City Redevelopment Corporation Board Meeting will be held in person and via teleconference on Tuesday, October 17, 2023, 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:                    150 501 087#

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

The New Jersey Economic Development Authority’s next public Board Meeting will be held in person and via teleconference on Thursday, October 12, 2023, at 10:00 am.

IN PERSON:

NJEDA Newark Office

One Gateway Center

11-43 Raymond Plaza West, Newark, NJ 07102

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.

Second Phase of Cannabis Program Announced with Additional Funding; Increase Targets Support for Businesses Historically Affected by the War on Drugs

BLOOMFIELD, N.J. (October 3, 2023) —Today, New Jersey Economic Development Authority (NJEDA) Chief Executive Officer, Tim Sullivan, and Chief Community Development Officer, Tai Cooper, joined Bloomfield Mayor, Michael J. Venezia, along with representatives of the New Jersey Cannabis Regulatory Commission (NJCRC) to announce the awarding of $12 million of grant funding to 48 cannabis businesses, an increase from the originally planned 24 awards, thanks to a further allocation of available funding by Governor Phil Murphy.

This substantial investment aims to enable entrepreneurs, particularly those from communities historically harmed by the War on Drugs, to start and expand their cannabis businesses in New Jersey. This funding initiative is designed to eliminate long-standing barriers to entry and provides the startups with a $250,000 grant, the largest cannabis social equity grant of its kind in the nation.

The first phase of the Cannabis Equity Grant Program, known as the Joint Ventures Grant, launched earlier this year with a primary objective of assisting recreational cannabis startups with the capital to manage financial burdens and challenges when transitioning from a conditional license to an annual license. To ensure the communities harmed by racially-biased marijuana arrests also reap these financial benefits, 40 percent of the Joint Ventures Grant funding was allocated for qualifying social equity applicants, and an additional five percent was designated for businesses located in Impact Zones.

“As the cannabis industry continues to reach new heights in New Jersey, it is important that we build on our efforts to support the businesses seeking to enter and grow within this emerging market. The Cannabis Equity Grant Program allows us to simultaneously expand the pool of cannabis businesses in our state while also focusing on those communities most impacted by the unethical War on Drugs,” said Governor Murphy. “As we work to create a stronger, fairer, and more equitable cannabis market, our Administration will continue to increase access and opportunity to the small businesses entering the industry.”

“Today’s announcement of the 48 Joint Ventures Grant awardees, along with millions more in funding, marks an important milestone for our pioneering Cannabis Equity Grant Program. This additional funding will significantly expand our impact and foster greater participation in the growing cannabis industry, especially for communities harmed by the unjust War on Drugs. Under the leadership of Governor Phil Murphy, legalization has bolstered our state’s tax revenue and begun to create a stronger and fairer cannabis marketplace,” said NJEDA Chief Executive Officer Tim Sullivan. “Greater investment in the cannabis industry ensures more entrepreneurs, residents, and communities benefit, reversing historical injustices.”

“The NJEDA has brought the Cannabis Equity Grant Program to fruition and in so doing, has helped to set the New Jersey cannabis market as an example for the rest of the country.  We were grateful NJEDA stepped up to partner with us and we were able to offer our insight into the cannabis industry and to present our vision for an equitable New Jersey market – with particular concern for those who lack access to personal or familial capital, or to traditional sources of business funding,” said Dianna Houenou, Commission Chair, NJCRC. “We look forward to more grant funding for cannabis entrepreneurs that represent our local and diverse community.  We look forward to even more targeted investment into social equity businesses and those owned by local minority-, women-, and disabled veteran-owned businesses. And we look forward to supporting the NJEDA as they make that happen.”

“We congratulate the 48 grantees and celebrate our investment in creating new opportunities within the thriving cannabis marketplace. As we recognize these successes, we must also acknowledge that our work is not finished. Despite the presence of well-meaning policies across the country, it remains evident that communities of color hit the hardest by the criminalization of cannabis, continue to reap fewer benefits,” stated NJEDA Chief Community Development Officer Tai Cooper. “With this additional investment from Governor Murphy, the Cannabis Equity Grant Program is receiving the pivotal funding needed to ensure greater equity and access in the industry.”

This announcement precedes Phase II’s Seed Equity Grant, which will also benefit from the additional funding when it launches later this year. Phase II will exclusively ensure the communities most adversely impacted by the War on Drugs have equitable access to the cannabis industry. To this end, 100% of the Phase II Seed Equity Grant funding is reserved for qualifying social equity applicants. Phase II awardees will receive $150,000 in grant funds along with technical assistance to ensure that their businesses accrue the resources and support necessary to succeed. The technical assistance component will provide licensure process training, assistance in building a cannabis business team, financial management, guidance on securing investors, and development of supply chain management to name a few.

To learn additional information about the program and to view the 48 Joint Ventures Grant recipients, feel free to visit the website at www.njeda.gov/cannabis-equity-grant-program/

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.

207 Applications Approved for over $8 Million in Tax Credits to Support Investment in 28 Companies

TRENTON, N.J. (October 2, 2023) – The New Jersey Economic Development Authority (NJEDA) announced today that 28 emerging New Jersey technology businesses benefitted from $63.2 million in private investment as supported in 2023 by the New Jersey Angel Investor Tax Credit Program (ATC). The NJEDA approved 207 investor applications in 2023, for a total of more than $8.2 million in tax credits, based on a percentage of eligible investment. Approved investments support emerging New Jersey-based companies in the life science, technology, and clean technology sectors. Since the ATC program’s inception in 2013, 2,900 investments totaling $872 million have been approved to support 141 New Jersey companies.

Through the Angel Investor Tax Credit Program, an investor is eligible to receive a 20 percent refundable tax credit by investing in a qualified New Jersey emerging technology business. Eligible companies for investment include those focused on commercializing technologies in advanced computing, advanced materials, biotechnology, carbon footprint reduction technology, electronic device technology, information technology, life sciences, medical device technology, mobile communications technology, or renewable energy technology. In addition, the business receiving the investment must employ fewer than 225 employees, at least 75 percent of whom work in New Jersey. There is also a 5 percent bonus for investments in businesses located in a qualified Opportunity Zone or New Markets Tax Credit census track, or a business that is certified by the State as a Minority- or Women Business Enterprise.

Complete eligibility requirements can be found at https://www.njeda.gov/angeltaxcredit. The program is open to investors outside of NJ when investing in a qualified NJ business.

“The ATC continues to drive private investment into promising, emerging New Jersey businesses, following enhancements to the program resulting from Governor Phil Murphy’s signing of the Economic Recovery Act of 2020 in early 2021,” said NJEDA Chief Executive Officer Tim Sullivan. “The ATC is a proven and powerful tool for promoting growth of the state’s innovation sector in an equitable and inclusive manner.”

Of the 28 companies receiving investments, 7 companies are new to the ATC program. Additionally, 10 entities qualified for an additional bonus in credits, including 5 state-certified women or minority business enterprises and 5 businesses located in an Opportunity Zone or New Market Tax Credit census track.

Two companies benefitting from the ATC program in the second quarter of 2023 include EV Edison and Beable Education Inc. The two highlight New Jersey entrepreneurs with a proven record of successful business growth in the state.

Based in Kearny, EV Edison is a leading developer and provider of high-power electric vehicle charging solutions. The company provides a range of innovative stationary and mobile charging along with energy storage solutions for quick, modular on-demand EV charging at any location, along with equipment sales, installation and service, and comprehensive planning and EV charging consultation. EV Edison’s products and services are powered by proprietary cloud-based, utility-grade software. The company received a credit bonus for operation in an Opportunity Zone.

“The ATC continues to be a vital component of EV Edison’s success in attracting investment and delivering innovation to meet New Jersey’s clean energy goals,” said EV Edison President David Daly. “With our partnership with the NJEDA, we are committed to further expanding our New Jersey-based operations while bringing the benefits of clean technology to traditionally underserved communities through workforce development and supplier diversity.”

Based in Lakewood, Beable Education Inc. used capital from the ATC program to support its work on the Beable IQEngine, a proprietary software using machine learning, automation, and data science to create an individualized learning path for each user. The woman-owned company closes the literacy and opportunity gap in education using emerging and innovative technology.

“The ATC has enabled Beable to offer investment attractive terms which, together with our profound mission of helping kids succeed, has served as a magnet for investors,” said Saki Dodelson, CEO of Beable. “Beable is proud to impact the lives of students nationwide through in-school and after-school literacy and career programs, and we thank NJEDA for assisting us in making it happen.”

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. (October 2, 2023) – Tomorrow, Tuesday, October 3, 2023, the New Jersey Economic Development Authority (NJEDA) will host a press conference to announce the recipients of the $250,000 Joint Ventures Grants and provide a funding update for its Cannabis Equity Grant Program. The event will take place at Nightjar, a local Latina-owned business who received funding from the grant program. Joining the NJEDA will be Bloomfield Mayor Michael J. Venezia, local elected officials, and representatives from the New Jersey Cannabis Regulatory Commission (NJCRC).

WHEN:           Tuesday, October 3, 2023
10:00 a.m.
(Tour at 9:30 a.m.)

WHO:              Mayor Michael J. Venezia, Bloomfield
Assemblyman Benjie E. Wimberly (LD-35)
Assemblywoman Angela V. McKnight (LD-31)
Tim Sullivan, Chief Executive Officer, NJEDA
Tai Cooper, Chief Community Development Officer, NJEDA
Dianna Houenou, Commission Chair, NJCRC
Jeff Brown, Executive Director, NJCRC
Francesca DeRogatis, Nightjar Holdings, COO
James Jackson, Yerrr Canna LLC, CEO

WHERE:         Nightjar Holdings
549 Bloomfield Avenue
Bloomfield, N.J.

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. (September 29, 2023) – The New Jersey Economic Development Authority (NJEDA) is seeking public input on a revised set of rules for the Aspire Program. The Aspire Program is a gap financing tool to support commercial, mixed use, and residential real estate development projects.

WHAT:            The document posted today is a draft of the Aspire Program’s revised set of rules, which will be presented to the NJEDA Board, with any final edits, for its review and consideration for approval. If approved, the rules will be effective upon filing with the Office of Administrative Law and the document will be concurrently published for the formal public comment period, as designated by the Administrative Procedure Act.

WHEN:           Feedback must be submitted in writing no later than 5:00 p.m. on October 5, 2023. 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.

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