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.
Donor Name: New Jersey Economic Development Authority (NJEDA)
State: New Jersey
City/Town: Selected Cities and Towns
Township: Selected Townships
Type of Grant: Grant
Deadline: 01/08/2025
Size of the Grant: More than $1 million
Grant Duration: Grant Duration Not Mentioned
Details:
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.
Benefits
Consistent with other Authority programs, the Real Estate Gap Financing Grant Program is established to mitigate the negative economic impacts of the COVID-19 pandemic and will provide grant funding to support real estate new construction or substantial rehabilitation projects located within distressed municipalities.
Eligible Project Types
The following types of real estate projects (new construction and/or substantial rehabilitation as defined below) which are located in distressed municipalities as defined below are eligible and will be considered for Real Estate Gap Financing grants:
- Commercial (including office and/or supermarkets/grocery stores)
- 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).
- Non-profit/community use projects (not government owned)
- Cultural, Arts, Performing Arts
- Manufacturing/Industrial
Eligible Municipalities for Projects
Bayonne, Belleville, Bridgeton, Carteret, East Orange, Elizabeth, Garfield, Hackensack, Irvington, Jersey City, Kearney, Lakewood, Linden, Long Branch, Middle Township, Millville, North Bergen, Orange, Pennsauken, Perth Amboy, Plainfield, Union City, Vineland, West New York, and Winslow.
Eligibility Criteria
- Eligible applicants are for-profit or non-profit entities (each, an “Applicant” or “Developer Entity”).
- Applications are limited to one application per EIN.
For more information, visit NJEDA.
