Applications will be reviewed on a rolling basis. Applications will go through the following review process:
Step 1: Applicants submit application and supporting documents, requesting a grant award amount based on estimated eligible construction costs.
Step 2: NJEDA reviews application materials and if acceptable provides approval of a maximum grant award amount.
Step 3: Applicant has 2 months from application approval to provide proof of funding for estimated project costs plus an additional 15% contingency.
Step 4: NJEDA reviews proof of funding documentation. If acceptable, applicant will enter into grant agreement with NJEDA.
Step 5: Applicant has 6 months from completion of grant agreement to begin construction activities on the building site.
Step 6: Applicant has 2 years from start of construction to complete construction and submit proof of expenses for reimbursement. Applicant can submit proof of expenses for reimbursement in two occurrences: When 50% of estimated eligible project costs are incurred by the applicant and when project construction is fully complete. In order to be eligible for reimbursement, the Applicant’s project must be in compliance with NJ Prevailing Wage and Affirmative Action requirements.