Developers will be eligible to receive tax credits up to 40% of the total project cost for the first approved supermarket/grocery store in an FDC and up to 20% for the second approved supermarket/grocery store in an FDC, capped at the project financing gap.
Owners/operators of supermarkets/grocery stores will be eligible to receive three years of tax credits up to 100% of initial operating costs for the first approved supermarket/grocery store in an FDC and up to 50% of initial operating costs for the second approved supermarket/grocery store in an FDC, capped at the initial operating shortfall.
Technical assistance may be available to any entity that is eligible for tax credits, grants, or loans to assist in implementation of best practices for increasing the accessibility of nutritious foods in food desert communities. This assistance will be available in New Jersey’s two most commonly spoken languages.
The NJEDA may sell all or a portion of the tax credits made available in a fiscal year and dedicate the proceeds to provide grants and loans to qualified supermarkets, grocery stores, and small- and mid-sized food retailers in food desert communities for equipment, technology costs, and initiatives to ensure food security of residents.