The New Jersey Economic Development Authority (NJEDA) has opened applications for its Real Estate Gap Financing Grant Program. This initiative aims to support real estate development projects in distressed municipalities by providing necessary gap financing.
The program is a $10 million pilot project designed to mitigate the economic impacts of the COVID-19 pandemic. It offers grants covering up to 50 percent of eligible project costs, with minimum funding set at $500,000 and a maximum of $5,000,000 per project.
Eligible projects include commercial and office spaces, supermarkets or grocery stores, manufacturing facilities, non-profit and community use projects (excluding government-owned properties), cultural arts venues, performing arts centers, and mixed-use developments. These projects must be located within 25 specified distressed municipalities.
Applications are currently being accepted until Wednesday, January 8, 2025, at 5:00 p.m. The NJEDA recently held an informational webinar for interested parties.
Further information on eligible municipalities and other requirements can be found on the NJEDA's website.
