Press Releases Archives - Page 9 of 149

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

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

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

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

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

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

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

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

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

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

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

About the NJEDA

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.

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Please be advised that the Capital City Redevelopment Corporation Board Meeting previously scheduled for September 16, 2025, is hereby cancelled.

The next regularly scheduled meeting is Tuesday, October 21, 2025 @ 11am. The Members will meet in person and via Microsoft Teams.

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

Please be advised that the next Capital City Redevelopment Corporation Board Meeting will be held in person and via teleconference on Tuesday, September 16, 2025, 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: 963 081 379#

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

The New Jersey Economic Development Authority’s next public Board Meeting will be held in person, via conference call, and via Microsoft Teams on Wednesday, September 10, 2025, at 10:00 am.

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

MEETING NAME: NJEDA BOARD MEETING (SEPTEMBER 10, 2025)

IN PERSON:

NJEDA Board Room

36 West State Street, Trenton NJ

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

PARTICIPANT ACCESS CODE: 7825427

MICROSOFT TEAMS MEETING ACCESS LINK

FOR TEFRA NOTICE:

Notice of Public Hearing (TEFRA) – NJEDA

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.

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

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

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

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

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

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

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

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

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

The two projects approved for Aspire awards are also supported by Low-Income Housing Tax Credits through the New Jersey Housing and Mortgage Finance Agency.

Aspire is a place-based economic development program created under the New Jersey Economic Recovery Act of 2020 (ERA) to support mixed-use, transit-oriented development with tax credits to commercial and residential real estate development projects that have financing gaps. All residential Aspire projects must include at least 20 percent affordable housing. As a performance-based program, projects must certify that all commitments established at time of approval have been met before receiving their first disbursement of tax credits.

About the NJEDA

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

About the NJEDA

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NOTICE OF PUBLIC HEARING (TEFRA) ( Posted September 2, 2025 at 12:25 pm)

NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY NOTICE OF PUBLIC HEARING

On September 10, 2025, the New Jersey Economic Development Authority (the “Authority”) will hold a public hearing at its regular monthly meeting, which begins at 10:00 a.m., at the Authority’s Board Room located at 36 West State Street, Trenton, New Jersey 08625 and via teleconference at 1-888-790-3708 (Conference ID: 7825427) with respect to the below listed application for private activity bond financing in accordance with the public notice requirements of Section 147(f) of the Internal Revenue Code of 1986, as amended.

Application Number:	Product 321879
Project Applicant & Address:	The Atlantic City Sewerage Company.
	1200 Atlantic Avenue, Suite 300
	Atlantic City, New Jersey 08401
Operator of Project & Address:	Same as above
Project Locations:	Various locations throughout the City of
	Atlantic City, in the County of Atlantic, New Jersey
Maximum Amount of Bonds Requested:	Not exceeding $9,000,000
Description of Projects:	Financing is sought to finance the reconstruction, rehabilitation, replacement, upgrade and expansion of various sections and components of the Applicant’s sanitary sewerage system.

At the public hearing, any and all persons calling in will be afforded an opportunity to comment on the proposed issuance of bonds and the location and nature of the Project to be financed thereby. Interested persons are also invited to submit written comments, speak at the public hearing, or both. Comments provided in writing must be provided no later than 5:00 p.m. on the day before the hearing the Authority’s meeting at the Authority’s address: 36 West State Street, Trenton, New Jersey 08625.

PRIVATE ACTIVITY BOND FINANCINGS OF THE NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY ARE NOT OBLIGATIONS OF THE STATE OF NEW JERSEY, NOR ANY COUNTY OR MUNICIPALITY THEREOF.

Funding for such financings is secured privately through conventional lending sources.

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

Informational webinar will be held in advance of submission deadline

TRENTON, N.J. (August 27, 2025) – The New Jersey Economic Development Authority (NJEDA) will close applications for the Child Care Facilities Improvement Grant Phase 2 on Tuesday, September 30, 2025. The $5 million program, which began accepting applications in September 2024, provides grants of up to $20,000 to registered Family Child Care homes (FCCs) to purchase furniture, fixtures, and equipment, supporting the improvement of health, safety, accessibility, and quality in the child care environment. An informational webinar will be held ahead of the submission deadline.

WHAT: Phase Two of the Child Care Facilities Improvement Program supports the enhancement of New Jersey’s registered FCCs, an essential component of the state’s child care mixed delivery system. To expand access to the positive effects of early child care, the NJEDA aims to provide FCCs with support that promotes long-term stability and ensures that the child care environment that they provide is safe, healthy, accessible, and conducive to high-quality early learning. Since launching Phase Two nearly a year ago, NJEDA has received hundreds of applications and has already approved dozens of FCCs for over $1 million in funding.

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

WHO: Eligibility for Phase Two of the program is limited to registered FCCs that have enrolled at least one child receiving support from the New Jersey Department of Human Services (DHS) Child Care Assistance Program. Up to 40 percent of grant funding will be reserved for eligible applicants in Opportunity Zones. Other non-FCC child care centers are not eligible for Phase Two funding. For more information on eligibility, click here.

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

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

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Real Estate Gap Financing Program supports developments that address negative COVID-19 pandemic impacts

TRENTON, N.J. (August 26, 2025) – Last week, the New Jersey Economic Development Authority (NJEDA) Board approved $10 million in grant funding under the Real Estate Gap Financing Program to support the development of five real estate projects. The Program provides gap financing for impactful real estate development projects located in select municipalities that address the negative economic impacts of the COVID-19 pandemic.

“Under Governor Murphy’s leadership, New Jersey has prioritized fostering a sustainable economic recovery by ensuring that federal COVID-19 recovery resources have a lasting impact by helping communities revitalize underutilized spaces, expand affordable housing, and support small businesses,” said NJEDA Chief Executive Officer Tim Sullivan. “The projects approved under the Real Estate Gap Financing Program will strengthen local economies, expand opportunities for residents, and help create vibrant downtowns and main streets across the state.”

Approved by the NJEDA Board in July 2024, the Real Estate Gap Financing Program provides grants covering up to 50 percent of total eligible project costs, with a minimum grant funding award of $500,000 and a maximum award of $5 million per project. Eligible real estate projects include commercial/office, supermarkets/grocery stores, manufacturing, non-profit/community use projects, cultural arts, performing arts, and mixed-use projects located in 25 distressed municipalities.

The following projects were approved to receive funding through the Real Estate Gap Financing Program:

500 High Street LLC – Perth Amboy – $2,791,515
- The project, located at 500 High Street, involves the substantial rehabilitation and new construction of a long-vacant, deteriorated concrete shell structure into a 6-story mixed-use development. The project will include 23 residential units, five of which will be designated as affordable housing, along with a 1,100 square foot commercial space on the ground floor.

Parkway Eye Care Center, LLC – East Orange – $2,748,485
- The proposed project, located at 21 North Park Street, involves new construction of a mixed-use development featuring 15 residential units, including three affordable units, along with a commercial component that will serve as a new home for Parkway Eye Care Center. The project is led by a certified small, minority, and woman-owned business and is intended to stabilize the practice’s long-term presence in the community.

500 Blvd Urban Renewal LLC – Lakewood – $2,000,000
- The project, located at 500 Avenue of the Americas, will include the construction of a two-story commercial building totaling 15,698 square feet, featuring a restaurant on the first floor and conference space on the second floor.

Greater Bergen Community Action, Inc. (GBCA) – Garfield – $1,300,000
- The project, located at 106 Somerset Street, involves the substantial rehabilitation of a 24,000-square-foot, three-story office and retail building, transforming the property into a mixed-use facility anchored by a small business assistance center supporting women-, minority-, and veteran-owned enterprises—especially in the renewable energy and construction sectors. The site will also include a branch of GBCA’s 1st Bergen Federal Credit Union, a commuter-focused concession, and access to GBCA’s full range of community services.

The Institute of Music for Children – Elizabeth – $1,160,000
- The project, located at 780 Salem Avenue, involves substantial interior improvements to transform an underutilized space into a vibrant, high-quality facility for arts education, job creation, and community revitalization. The renovations aim to expand programming for youth, increase employment for teaching artists, and strengthen social and emotional health in response to COVID-19’s long-term impact on children and artists.

About the NJEDA

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