NJEDA’s Real Estate Gap Financing Grant Program Now Accepting Applications

TRENTON, N.J. (October 17, 2024) - The New Jersey Economic Development Authority (NJEDA) is now accepting applications for the Real Estate Gap Financing Grant Program, which will provide grants for real estate development projects located in distressed, eligible municipalities that require gap financing.

WHAT: The Real Estate Gap Financing Grant Program is a $10 million pilot program established to support development projects and help address the negative economic impacts of the COVID-19 pandemic. Grant funding will be provided up to 50 percent of total eligible project costs with a minimum grant funding of $500,000, up to maximum $5,000,000 per project.

WHO: Eligible real estate projects include commercial/office, supermarkets/grocery stores, manufacturing, non-profit/community use projects (not government owned) cultural arts, performing arts, and mixed-use projects located in 25 distressed municipalities.

For a complete list of eligible municipalities and other eligibility requirements, click here.

WHEN: Applications are now being accepted and will close Wednesday, January 8, 2025, at 5:00 p.m.

An informational webinar was recently hosted by the NJEDA. Interested parties can view the webinar here.

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 onFacebook, Twitter, Instagram, and LinkedIn.

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