lease be advised that the next Capital City Redevelopment Corporation Board Meeting will be held in person and via teleconference on Tuesday, June 20, 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:                    247 210 404#

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

Pilot Program Designed to Increase Foot Traffic and Catalytic Development in Municipalities Impacted by COVID

TRENTON, N.J. (June 8, 2023) The New Jersey Economic Development Authority (NJEDA) has opened the application for the Activation, Revitalization, and Transformation (ART) Program, which is a one-time grant opportunity for projects in urban areas with mass transit that have faced economic disruption due to the reduction of commuter foot traffic following the COVID-19 pandemic. The first round of funding made available under the ART Program is for projects in Atlantic City and Newark. Applications are due Tuesday, August 22nd at 5:00 p.m. EDT.

Funded at $10 million through the American Rescue Plan, the ART pilot program aims to mitigate the economic impact of the coronavirus pandemic through the creation of two programs, one for Real Estate Rehabilitation and Development projects and one for arts-based initiatives aimed at engaging public audiences and local communities.

A virtual information session, including a walk-through of the application process, will be held on June 14th, 2023 at 1:00 p.m. register here.

The NJEDA will host in-person events in Atlantic City and Newark in the upcoming weeks to provide opportunities for potential applicants and other stakeholders to learn more about the ART Program. For additional information about the ART Program, click here. 

About the NJEDA

The 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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The New Jersey Economic Development Authority’s next public Board Meeting will be held in person and via teleconference on Wednesday, June 14, 2023, at 10:00 am.

IN PERSON:

Fort Monmouth Economic Revitalization Authority (FMERA)

502 Brewer Avenue
Oceanport, NJ 07757

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.

$2M+ in Grant Funding will be Available to Startups Developing Food and Agriculture or Drug Therapeutic Innovations

TRENTON, N.J. (May 31, 2023) – The New Jersey Commission on Science, Innovation and Technology (CSIT) will open applications on June 5 for two seed grant programs. Both the Food and Agriculture Research & Development (R&D) Pilot Seed Grant Program and Round 2 of the Catalyst R&D Seed Grant Program are designed to help New Jersey startups accelerate their R&D from the research stage to commercially viable products and services.

Governor Phil Murphy’s economic development plan, “The State of Innovation: Building a Stronger and Fairer NJ Economy,” identifies life sciences and food and beverage (non-retail) as two of the strategic sectors for accelerating growth in New Jersey’s economy. These seed grants programs will support New Jersey startups in these vital sectors. 

WHAT: CSIT plans to open applications for the following programs on June 5 at 9:00 a.m. EDT:

  • The Food and Agriculture R&D Pilot Seed Grant Program is a $750,000 competitive grant program supporting innovative technological solutions designed to improve food security statewide. The program will offer grants of up to $75,000 to startups working on food and/or agriculture-related innovation in the life sciences, technology, and food and beverage (non-retail) sectors. Complete eligibility requirements can be found here. The application will be available here until July 14, 2023.
  • The $1.5 million Round 2 of CSIT’s Catalyst R&D Seed Grant Program will provide grants of up to $150,000 to New Jersey startups that are developing life sciences therapeutics. The grant funds should enable applicants to make significant progress and have a meaningful impact on their commercialization outcomes. Complete eligibility requirements can be found here. The application will be available here until July 14, 2023.

Informational Webinar: CSIT will host an informational webinar about both of these programs on June 5 at 4:00 p.m. Registration for the webinar can be found here. A recording of the webinar will be available on each program’s website.

To learn more about state resources available to New Jersey entrepreneurs and early-stage companies, visit https://www.njeda.gov/csit and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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

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

Approvals made by the NJEDA Board include:

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

Black and Latino Seed Fund:

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

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

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

Child Care Facilities Improvement Program:

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

Stranded Assets Repositioning Investment

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

About the NJEDA

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

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

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Update (June 14, 2023): The deadline to respond to this RFI has been extended to July 11, 2023.

TRENTON, N.J. (May 18, 2023) – The New Jersey Economic Development Authority (NJEDA) yesterday issued a Request for Information (RFI) seeking input for innovative ways that employers can help solve New Jersey’s child care challenges. Input may be used to inform the development of a pilot program that engages employers in supporting New Jersey’s parents and children. The RFI can be found at http://www.njeda.com/bidding with responses due by June 20.

WHAT: The RFI issued today will gather information and perspectives on how New Jersey employers can be empowered to offer support and resources for working parents. This includes innovative approaches to employer-provided child care benefits, expanded partnerships between employers and child care providers, and flexible policies for workers with child care needs. For the purposes of this RFI, ‘child care’ may include care for children ages 0 – 5, as well as before- or aftercare for school-aged children.

This input will help the NJEDA better understand possible strategies to strengthen New Jersey’s child care sector in order to bolster this crucial piece of the state’s economic infrastructure. The labor force participation of working parents depends on the availability of safe, quality, affordable child care. This RFI will build on Governor Phil Murphy’s commitment to a whole-of-government approach to fortify the state’s child care sector. The information gathered through this RFI may be used to help the NJEDA shape the usage of state funds that were appropriated to the NJEDA in Governor Murphy’s Fiscal Year 2023 budget to establish the Child Care Employer Innovation Pilot Program.

WHO: The RFI seeks responses from all interested stakeholders, including those located within and outside the State of New Jersey. This includes, but is not limited to:

  • Parents/caregivers
  • Employers and employer associations/consortia;
  • Child care and/or parent/caregiver advocacy organizations;
  • Policy and academic researchers;
  • Companies that provide child care benefit services;
  • Technology companies serving the needs of families or caregivers;
  • Child care providers;
  • Child care technical assistance providers;
  • Business and entrepreneurship support organizations;
  • Child care resource & referral agencies;
  • Community Development Financial Institutions providing loans and/or financial support to child care providers;
  • Higher education institutions;
  • Foundations and philanthropic initiatives. 

HOW TO RESPOND:

All questions concerning this RFI must be submitted in writing no later than noon EDT on June 2, 2023 via e-mail to: childcareRFI2023@njeda.gov. The subject line of the e-mail should state: Questions – 2023-RFI-178.

Answers to questions submitted will be publicly posted on the Authority’s website on or about June 9, 2023 at http://www.njeda.gov/bidding/#OET Addendum.

All RFI responses must be submitted in writing no later than 5:00 p.m. EDT on June 20, 2023 via e-mail to childcareRFI2023@njeda.gov. The subject line of the e-mail should state: RFI Response – 2023-RFI-178.

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 Aspire Program approvals to bridge financing gaps for three projects comprised of a combined 728 housing units

TRENTON, N.J. (May 12, 2023) – Three residential development projects representing a combined $338 million in investment in underserved New Jersey communities were approved for support on Wednesday by the Board of the New Jersey Economic Development Authority (NJEDA). The projects, located in Camden, Morristown, and Newark, which will create or rehabilitate 728 safe, modern housing units, were approved under the Aspire Program for tax credits to help bridge financing gaps.

Aspire is a place-based economic development program created under the New Jersey Economic Recovery Act of 2020 (ERA), signed by Governor Phil Murphy in January 2021. The Aspire program supports mixed-use, transit-oriented development by providing tax credits to commercial and residential real estate development projects that have financing gaps.

“The three projects approved this week embody the values on which the Aspire program is based and will help to advance the ERA’s goal of a stronger, fairer economy by encouraging investment in communities that have long been overlooked,” said Governor Murphy. “High-quality housing for New Jersey families is in high demand, and it’s exciting to see transit-oriented development and affordable housing prioritized.”

Over 80 percent, or 588 of the units that will be supported by these approvals today, are designated as affordable and target households making 60 percent or less of the area median income.

“The new Aspire program is catalyzing a series of mixed-use, transit-oriented, mixed-income and affordable housing projects that advance important economic and social goals established by Governor Murphy,” said NJEDA Chief Executive Officer Tim Sullivan. “The Governor set forth his strategy focused on attracting investments to underserved communities and revitalizing our urban centers and places served by transit early in his administration, and it’s exciting to see these thoughtful development projects unfolding in places where they will matter most for local residents.”

“Throughout our time in office, Governor Murphy and I have prioritized investing in neighborhoods and communities that have often been left behind in areas such as safe and stable housing,” said Lieutenant Governor Sheila Oliver. “Investing in transit-oriented affordable housing will help transform communities and empower families for generations to come.”

“When we created the Aspire Program it was with the intention of facilitating greater investment in our communities, with a focus on creating affordable housing and returning long-dormant sites to productive use,” said Senate Majority Leader Ruiz (D-Essex). “These projects do just that. We are not just providing for new development but also the rehabilitation of older buildings to create safer living environments that are more energy efficient. As we face housing shortages and rising rents, projects like this are critical to uplifting communities.”

“It is great to see the Aspire Program working in my hometown of Newark that focuses on revitalizing transit oriented urban centers with mixed-use and affordable housing developments,” said Assemblywoman Eliana Pintor Marin (D-Essex). “All three municipalities have a lot to offer and with strategic investments, we are setting our communities up for sustainable economic growth. I look forward to seeing the lasting positive impact of this program.”

In Camden, co-applicants Hudson Valley Property Group and Hearthstone Housing Foundation will undertake an extensive renovation of the Northgate 1 Apartments. The project was approved for up to $46.5 million in tax credits, or up to 45 percent of total eligible project costs of $103.5 million, for the rehabilitation of the development’s 321 units in a 21-story building, built in the 1960s, located at 433 North 7th Street.

Renovations and upgrades will include modernization, and energy efficient systems and appliances. Additionally, remediation work is needed due to environmental conditions, including lead-based paint, lead in water, perchloroethylene in groundwater, underground storage tanks, asbestos, and water intrusions.

In Morristown, Manahan Village will undergo substantial rehabilitation and long-term preservation of 200 existing units of affordable housing. The project, which is located at 33 Clyde Potts Drive, 6-10 Flagler Street, 14 Flagler Street, and 9-21 Flagler Street, was built in the 1940’s.

The site is currently owned by the Morristown Housing Authority, which has provided a ground lease to Aspire applicant OAHS Manahan Village LLC. The co-applicant is Morristown Family Aspire LLC , which is wholly owned by the Morristown Community Development Corporation, an instrumentality of the Housing Authority of the Township of Morristown.

The applicant was approved for Aspire tax credits of up to 35.21 percent, or $24.6 million, of eligible project costs of $70 million.

In Newark, The Metropolitan will be a 23-story high-rise, mixed-use building located at 260-272 in the city’s downtown Central Business District. The location is within walking distance of Newark Penn Station, the Newark Light Rail, and several bus stops. The project will consist of 207 residential units, 67 of which will be affordable, plus 4,000 square feet of ground-floor retail space. 

The project was approved for up to $49.8 million in Aspire tax credits, which represents 45 percent of eligible project costs of $110.7 million.

The applicant is comprised of a partnership between The Hanini Group LLC, with a 75 percent stake, and Shift Catalyst, with a 25 percent stake. The Hanini Group and its affiliates have been a significant player in downtown Newark. Some of its notable projects include Hahne & Co., Hotel Indigo, and The Peoples Bank Building in Passaic.

The amount of Aspire tax credits a project is eligible to receive is a percentage of the project’s eligible costs, subject to a cap that is determined by the project’s location, other financing available, and other aspects of the project. Most projects are eligible for tax credits up to $42 million, but projects that meet specific criteria may receive tax credits up to $60 million. Projects that meet certain parameters can qualify as “transformative projects,” which may receive tax credits up to $350 million.

To be eligible for Aspire program tax credits, a project must be located in an eligible incentive location, which may include: Planning Area 1, Aviation District, Port District, or Planning Area 2 or other Designated Center that is within a half mile of a rail transit station or a high frequency bus stop.

Projects must also meet minimum size and cost thresholds. Program rules also include requirements to ensure that communities where projects are located participate in and benefit from the economic growth the project generates. As part of the application for projects, applicants must provide a letter of support from the governing body of the municipality or municipalities in which the project is located and projects with an eligible project cost equaling or exceeding $10 million must also enter into a Community Benefits Agreement with the Authority and municipality or county in which the project is located.

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

The Aspire program application, as well as complete rules, eligibility requirements, award sizes, and other information, are available at https://www.njeda.com/aspire.

In addition to the Aspire program, the ERA created a suite of programs that includes tax credits to incentivize job creation, new construction, and revitalization of brownfields and historic properties; financial resources for small businesses; support for new supermarkets and healthy food retailers in food desert communities; new funding opportunities for early-stage companies in New Jersey; and support for the growing film and digital media industry. More information about these programs is available at https://njeda.com/economicrecoveryact.

About the NJEDA

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

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

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Funded through the State Small Business Credit Initiative, funds will support investments into New Jersey companies  

TRENTON, N.J. (May 12, 2023) – The New Jersey Economic Development Authority (NJEDA) named several firms to manage and deploy capital for three unique investment strategies funded through the federal State Small Business Credit Initiative (SSBCI). These three funds are NJEDA’s Blended Capital Fund, Life Science/Health Care Fund, and Socially & Economically Disadvantaged Individuals (SEDI) Seed Fund. In February, the NJEDA issued Notices of Investment Opportunities (NIOs) seeking investment managers for each fund.

“Since the pandemic, my Administration has been working to ensure small business owners have the capital to grow their businesses and achieve success,” said Governor Phil Murphy. “The federal funding awarded to New Jersey will help support small and early-stage businesses across the state and propel our economy forward.”

“Together, these three funds will help position New Jersey businesses for long-term growth and success,” said NJEDA Chief Executive Officer Tim Sullivan. “Governor Murphy’s economic development strategy has been centered on connecting entrepreneurs and small business owners with the capital they need to succeed in an equitable and inclusive manner. I’m thankful to Senators Menendez and Booker for securing this federal funding which will have a lasting impact on small businesses across New Jersey.”

The fund managers will be responsible for raising, or contribute to the raising of, private capital, managing the fund’s day-to-day operations, and developing and maintaining a pipeline of prospective, New Jersey-based small businesses that can benefit from the fund.

In December, the U.S. Department of Treasury approved New Jersey’s SSBCI application and awarded the NJEDA $255 million to create programs that will provide financial and technical assistance to small and micro businesses, and early-stage, innovation-focused companies located across the state. SSBCI is a federal program designed to catalyze lending and investment of private capital into small businesses, particularly those that would not otherwise have access to funding.

“These three funds will provide small and early-stage businesses in New Jersey with the financial resources and support they need to fulfill their potential and realize their dreams while boosting the state’s economy,” said U.S. Senator Bob Menendez (D-N.J.). “They will also ensure greater access to credit and capital for businesses across the state of New Jersey, including those located in underserved areas and led by diverse individuals, which I have long championed in the Senate. I am proud to have delivered this funding to New Jersey to keep moving our state forward as an innovator and job creator.”

“These funds will spark growth and empower the ingenuity of New Jersey’s small businesses, which are the backbone of our economy and our communities,” said U.S. Senator Cory Booker (D-N.J.). “Senator Menendez and I work every day to bring resources home to New Jersey, and I’m excited to see NJEDA disburse these federal dollars in a way that helps our small businesses thrive.”

The NJEDA announced investment managers for the following three funds:

  • Blended Capital Fund:

Funded at $50 million, the Blended Capital Fund will co-invest SSBCI funds in an investment vehicle that supports the purchase of eligible loans from Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) serving New Jersey, allowing them to do more lending. The fund will be managed by Calvert Impact. Calvert Impact will leverage and utilize the investment by NJEDA in the Blended Capital Fund to create and administer a NJ Loan Participation program to support New Jersey-based small businesses with working capital loans.

  • Life Science/Health Care Fund:

A portion of the $60 million Life Science/Health Care Fund will be managed by three firms and support early-stage New Jersey life science and health care businesses, including companies in biotechnology, pharmaceuticals, and medical devices.

$12.5 million will be managed by New York City-based Signet Healthcare Management LLC, which was founded in 1998. $7.5 million will be managed by Tech Council Ventures LLC, which is based in Summit. Lastly, Syridex Bio LLC, headquartered in Princeton, will manage up to $5 million of the fund.

  • SEDI Seed Fund:

The $20 million SEDI Fund will be managed by Include Venture Partners, LLC and Gener8tor Management, LLC. The firms will support seed and early-stage startups substantially located in New Jersey with SEDI owners. For purposes of the fund, the basis for eligibility can be geographic, demographic, or socioeconomic.

Include Venture Partners will manage up to $15 million. The firm is focused on investing in diverse-led undervalued, outperforming funds and founders, with a focus on ESG and Sustainability. Gener8tor Management, LLC will manage up to $5 million of the fund. Since Gener8tor’s inception in 2012, the firm has expanded its startup and small business venture funds and accelerators across 41 cities, 20 states and two countries. Due to the firm’s substantial international resources, it is able to identify target opportunities, provide meaningful support to its portfolio companies, and administer their funds with a high degree of acumen.

“The investment managers we selected will be able to leverage their expertise and multiply the impact our dollars will have on businesses across the state,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “Under Governor Murphy’s leadership, New Jersey’s economy has been fueled by making strategic investments in our early-stage, innovative small businesses.”

About the NJEDA

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

About the NJEDA

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

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

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

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

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

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

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

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

About the NJEDA

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

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

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