Last week, the New Jersey Economic Development Authority (NJEDA) Board approved $10 million in grant funding through the Real Estate Gap Financing Program to support five real estate development projects. The program is designed to provide gap financing for real estate projects located in select municipalities that have been affected by the economic impacts of the COVID-19 pandemic.
According to NJEDA Chief Executive Officer Tim Sullivan, “Under Governor Murphy’s leadership, New Jersey has prioritized fostering a sustainable economic recovery by ensuring that federal COVID-19 recovery resources have a lasting impact by helping communities revitalize underutilized spaces, expand affordable housing, and support small businesses. The projects approved under the Real Estate Gap Financing Program will strengthen local economies, expand opportunities for residents, and help create vibrant downtowns and main streets across the state.”
The Real Estate Gap Financing Program was approved by the NJEDA Board in July 2024. It offers grants covering up to 50 percent of total eligible project costs, with awards ranging from a minimum of $500,000 to a maximum of $5 million per project. Eligible projects include commercial or office space, supermarkets or grocery stores, manufacturing facilities, non-profit or community use buildings, cultural arts venues, performing arts centers, and mixed-use developments located in 25 distressed municipalities.
The five projects selected for funding aim to address negative impacts from the pandemic and contribute to revitalizing their respective communities.
