EMERGING DEVELOPERS GRANT PROGRAM
Applications for this program are currently expected in the second quarter of 2024. Additional notice will be provided once applications are open. For more details, please refer to this page.
The Emerging Developers Grant Program can provide support for up to 50% of your pre-development soft costs. Take our quick eligibility assessment and determine if you qualify for up to $250,000 in funding!
AMOUNT
Up to $200,000, with a maximum of $250,000 for Opportunity Zones or GRM projects.
BENEFITS TO APPLICANTS
• Receive up to $250,000 in grant funding to cover eligible pre-development soft costs.
• Increase your portfolio and expand your development capacity.
• Create local jobs in your community.
• Benefit from expert guidance and assistance from NJEDA throughout the grant process.
• Gain recognition and visibility as an Emerging Developer supported by NJEDA.
ELIGIBILITY
• Be a non-profit or for-profit development entity.
• Have completed at least 2 and no more than 5 commercial or mixed-use projects of similar scope.
• Have at least 51% ownership of the proposed project.
• Have site control (deed) of the project at the time of application.
• Have a current Tax Clearance certificate.
• Not have more than 5 employees at the time of application.
• Cannot have already started construction on the proposed project.
PROGRAM OVERVIEW
NJEDA’s Emerging Developers Grant Program is designed to empower Emerging Developers by providing crucial financial assistance for pre-development soft costs. NJEDA recognizes the significance of fostering an inclusive and equitable economy, and this program aims to help developers enhance networks, access capital, and expand existing portfolios.
ELIGIBILITY REQUIREMENTS
Applicant Ownership: Ownership of the property being developed is a key eligibility requirement, showcasing an equity injection in the asset acquisition.
Note: Purchase and sales agreements and leases are not eligible.
Eligible Costs: 50% of eligible predevelopment soft costs and costs unrelated to any construction activity are eligible for reimbursement under this program.
Covering a range of costs essential for development, eligible soft costs may include:
– Architectural and design fees
– Construction drawings and specifications
– Engineering fees and surveys
– Municipal zoning and Inspection fees
– Insurance costs
– Professional fees
– Legal fees
– Accounting fees
– Project management fees
– Market/feasibility study
– Appraisal
– Phase I environmental review
– Property taxes (must be current)
– Loan interest (if applicable)
– Utilities
Note: Costs associated with site/property purchase are not eligible for reimbursement
*If you have any questions about a specific cost, please feel free to email prior to final submission.
Prior Project Experience: The program supports small developers who have successfully completed at least two but no more than five commercial and/or mixed-use properties.
APPLICATION AND REVIEW PROCESS
Application Process: Once made available, applications will be accepted on a rolling basis or until funds have been completely exhausted.
Review Process: Applications will be reviewed for completeness in the order received by the Authority. Fifteen business days will be given for additional due diligence if needed.
DISBURSEMENT AND OWNERSHIP
Responsibility: The Developer is responsible for compliance with program terms and conditions.
Ownership Requirement: The Development Entity must be at least a 51% owner in the acquired real estate site/project.
Employee Limit: Applicants cannot have more than five full time employees.
Development Entity Eligibility: Non-profit and For-profit entities are eligible to apply.
FEES
Payment is due at the time of application. A non-refundable fee of $1,000 is required per application.
PROGRAM GUIDE
QUESTIONS
For more information or to ask a specific question please send an email to emergingdevelopers@njeda.gov and a team member will reach out to you.
Thank you for your interest in NJEDA’s Emerging Developers Grant Program. We look forward to supporting your development initiatives!