The Local Property Acquisition Grant Program is a competitive grant program that deploys $25 million by providing funding to eligible applicants for the acquisition of a vacant site, building, facility or a collection of properties, in order to facilitate and enable future redevelopment of the property. The Program intends to address a significant barrier in undertaking and implementing local development and redevelopment projects.
The Program will support two products: (A) approximately $3 million for Acquisitions for Strategic Public Use, and (B) approximately $21 million for Acquisitions for Future Development Projects.
The parameters of each product are detailed below.
A) Acquisitions for Strategic Public Use Product
Project property acquisition(s) and the proposed subsequent Strategic Public Use project must foster or support existing, ongoing, or planned development as part of an overall plan for property improvements and increased public access in the area proximate to the Property.
Eligible Supplemental Uses for Strategic Public Use projects must be publicly accessible spaces for the community which may include pedestrian plazas, pocket-parks, community parks, community gardens, public walkway/access, public parking lots/garages, or other similar public spaces.
Ineligible types of Supplemental Uses for Strategic Public Use projects include public infrastructure projects such as for transport, energy, communication, water, wastewater, or general public works.
The minimum grant request for Acquisitions for Strategic Public Use projects is $50,000 and the maximum grant request is $1,000,000.
B) Acquisitions for Future Development Projects Product
Project property acquisition(s) and the proposed subsequent Future Development Project must support planned development/redevelopment efforts in the area proximate to the Property.
Eligible Supplemental Uses for Future Development Projects (substantial rehabilitation and/or new construction) are limited to:
- Mixed-use developments; any residential portion must comply with the 20% reservation for low- and moderate-income households required by N.J.S.A. 52:27D-329.9(b)
- Transit-Oriented Development
- Cultural, Arts, Performing Arts
- Supermarkets/grocery stores)
- Commercial (including office and/or supermarkets/grocery stores)
Supplemental Uses for Future Development Projects consisting solely of warehouse, solely of residential, or primarily for government/educational uses are ineligible for funding.
The minimum grant request for Acquisitions for Future Development Projects is $50,000 and the maximum grant request is $4,000,000.