The Urban Enterprise Zone Authority (UEZA), affiliated with the New Jersey Department of Community Affairs, has announced that Lakewood will receive the largest allocation of Urban Enterprise Zone (UEZ) grant funds in the state. In 2024, Lakewood is set to receive over $7.4 million from the Zone Assistance Fund (ZAF), an increase from the $5.5 million awarded in 2023. These funds are intended to support various community improvement initiatives, focusing on enhancing the quality of life for Lakewood residents.
The UEZA provides business and tax incentives aimed at revitalizing designated urban communities, promoting economic growth by encouraging business expansion and creating private sector job opportunities through a mix of public and private investments.
Since its relaunch in 2021, the Lakewood Development Corporation has overseen impactful programs under Lakewood's UEZ program, fostering business growth and job creation within the municipality. This success is attributed partly to encouraging local residents to patronize local businesses and attracting shoppers from neighboring towns.
"Lakewood is seeing great success using Urban Enterprise Zone grant funds as intended by the Legislature," said Acting DCA Commissioner Jacquelyn A. Suárez. "Encouraging economic growth and job creation with investments in small businesses, expanding essential transportation services so people can access jobs, shopping, and entertainment—this Program creates resilient communities like Lakewood that contribute to regional prosperity and improve daily life for residents."
James Slaughter, Executive Director of UEZA, praised Lakewood Development Corporation's proactive engagement with new businesses under David Klein's leadership: "David and his team work hard to implement major projects in Lakewood and are always willing to collaborate with other UEZ partners to enhance their local services." He added that current UEZ grants fund several projects aimed at improving residents' quality of life in Lakewood, including enhancements to bus services utilizing nearly $2 million from secured UEZ funds.
Klein highlighted popular financial assistance programs offered by Lakewood’s UEZ: "These financial incentives include credit forgiveness if companies hire full-time employees who remain employed for 12 months, as well as reimbursable technology incentives promoting modernization."
The successful web portal accessible via Lakewood Development Corporation Urban Enterprise Zone offers further insights into these initiatives.
Originally established in 1983, the UEZ program allocates ZAF based on a four-factor formula defined by state law N.J.S.A. 52:27H-88. In August 2021, Acting Governor Sheila Y. Oliver signed legislation allocating $42.5 million to expand UEZA services within designated zones.
One key benefit of this revitalized program includes flexible revenue provided by ZAFs for economic development across communities; approximately $52 million has been awarded since its relaunch supporting 115 municipal projects statewide while offering participating businesses reduced sales tax rates among other advantages.
For more information about UEZA programs or related resources available through DCA’s extensive range offerings—from affordable housing production down disaster recovery planning—visit https://www.nj.gov/dca/uez/.
