By Joshua Burd
The state Economic Development Authority has launched a $24 million grant program aimed at helping governmental agencies and nonprofits acquire vacant properties for future redevelopment opportunities.
The pilot program, which was approved Thursday by the authority’s board, will provide funding of up to $1 million for projects such as public plazas, parks and walkways and up to $4 million for future development projects, according to a news release. The intended recipients are governmental or not-for-profit local economic and community development entities, the EDA said, noting that funding for the Local Property Acquisition Grant Program will be subject to a competitive application process expected to open in early 2024.
“The redevelopment of vacant or underutilized properties is essential to enhancing the economic future of New Jersey’s communities and will provide much-needed jobs to local residents and tax revenue to municipalities,” said Tim Sullivan, the authority’s CEO. “The Local Property Acquisition Grant Program will support local economic development strategies across the state by turning unused real estate assets into thriving commercial properties and community gathering places.”
Of the $24 million in funding available, roughly $3 million will support acquisitions for plazas, parks and other strategic public use projects. The remainder of the program allocation will support acquisitions for projects such as commercial or mixed-use developments and research or laboratory spaces.
The minimum grant request for each product is $50,000, the EDA said. Once the application process opens, the authority will conduct an eligibility review and score each submission to determine if it will be sent to board members for final approval.
The EDA added that the $24 million pilot program is funded from $70 million established for real estate project funding in the Fiscal Year 2023 Appropriations Act. The law allocates significant funding for strategic economic development investments to support key industries, advance the innovation economy, continue to bolster economic recovery following the COVID-19 pandemic and spur statewide growth.
For more information on the program, including application requirements, scoring parameters and a full list of eligible projects, visit https://www.njeda.gov/local-property-acquisition-grant-program/.
