Over $19 Million will Support Capital Projects to Improve Local Neighborhoods
TRENTON, N.J. (December 14, 2023) – The New Jersey Economic Development Authority (NJEDA) Board today approved the creation of the Atlantic City Revitalization Grant Program. The $19,650,000 pilot program will utilize American Rescue Plan (ARP) State and Local Fiscal Recovery Funds (SLFRF) to fund capital projects in Atlantic City, ensuring that local neighborhoods are directly supported.
Eligible projects must address a negative impact of COVID-19 and contribute to Atlantic City’s revitalization, which includes capital construction projects that renovate or restore a vacant building, or a new construction project. All projects must aim to address at least one local impact consideration, which include addressing downtown vitality efforts, job and office space creation, food insecurity, clean and safe initiatives, and small business support, with the long-term goal to help improve overall economic prosperity in Atlantic City.
“The Atlantic City Revitalization Grant Program advances Governor Phil Murphy’s goal of investing in New Jersey communities by promoting strong and equitable economic recovery, supporting business and job creation and bolstering local economies,” said NJEDA Chief Executive Officer Tim Sullivan. “The program approved today adds to the NJEDA’s robust suite of impactful and strategic programs to strengthen Atlantic City’s economy in the wake of the pandemic.”
The program will be open to for-profit and non-profit entities responsible for overseeing a real estate development project in Atlantic City. Program grants, which will be disbursed to approved applicants on a rolling basis until all funds are exhausted, will cover up to 50 percent of all soft and hard construction costs with a minimum award request of $1 million and a maximum award request of $10 million. Once approved for grant funding, projects will be presented to the NJEDA Board for final approval, and applicants must demonstrate they have secured the remaining portion of funding. For more information on program eligibility and the application process, click here.
“The Atlantic City Revitalization Grant Program is a welcome addition to ongoing efforts to diversify and expand the city’s economic opportunities and improve the quality of life for city residents,” said New Jersey Department of Community Affairs Acting Commissioner Jacquelyn A. Suárez. “Atlantic City is making strides and this new grant program will help keep the positive momentum going. We’re confident the Atlantic City revitalization grants will result in projects that strengthen neighborhoods, support existing businesses, and create well-paying jobs.”
“As the Small administration continues to push for more development in the Great City of Atlantic City, we are grateful this additional funding has become available to hopefully ease some burdens,” said City of Atlantic City Mayor Marty Small, Sr. “The COVID-19 Pandemic halted many development plans in Atlantic City, so I encourage anyone who is eligible to apply for these funds, and thank the New Jersey Economic Development Authority for your continued support.”
“This revitalization program is a monumental investment into Atlantic City and our shore town communities,” said Senator Vince Polistina (R-Atlantic). “Due to the prolonged effects of the pandemic, small businesses throughout the state—especially those at the Jersey Shore—are still struggling to survive. This initiative will help alleviate some of that economic stress by supporting capital projects, bolstering vital coastal infrastructure, and creating additional opportunities to generate revenue.”
“Atlantic City’s recovery from the economic effects of the pandemic is more than just getting gaming revenue back, it requires strategic investments in our neighborhoods,” said Assemblyman Don Guardian. “This city has a strong entrepreneurial spirit that I championed as mayor and that will be funded through this grant program. With this support from the state, and the imagination and dedication of small businesses, nonprofits, developers and local and state leaders, a healthier, safer, and more vibrant Atlantic City is on the horizon.”
“Today’s announcement will uplift Atlantic City’s communities through projects that support jobs, repurpose abandoned buildings and improve the health and security of residents,” said Assemblywoman Claire Swift. “This program marks a significant commitment to the future of Atlantic City and its resiliency.”
Grants awarded from the Atlantic City Revitalization Grant Program will utilize $19,650,000 in ARP Coronavirus State and Local Fiscal Recovery Funds of the $30 million appropriated for “Atlantic City Initiatives” in the New Jersey Fiscal Year 2024 Appropriations Act.
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.