The Urban Enterprise Zone Authority (UEZA), affiliated with the New Jersey Department of Community Affairs, has announced that Lakewood will receive over $7.4 million in Zone Assistance Funds (ZAF) for 2024. This is an increase from the $5.5 million received in 2023. The funds aim to support community improvement projects and enhance residents' quality of life.
The UEZA provides business and tax incentives to stimulate economic growth by encouraging business expansion and job creation through public and private investments.
Since its reboot in 2021, Lakewood's UEZ program, managed by the Lakewood Development Corporation, has facilitated business growth and job creation by promoting local shopping and attracting shoppers from other areas.
“Lakewood is seeing great success by utilizing the Urban Enterprise Zone grant funds as intended by the Legislature," stated DCA Acting Commissioner Jacquelyn A. Suárez. She highlighted how investment in small businesses and transportation services contributes to regional prosperity.
James Slaughter, UEZA Executive Director, praised David Klein's leadership at the Lakewood Development Corporation for enhancing UEZ presence in Lakewood: “David and his team have worked tirelessly to bring great projects to Lakewood.”
UEZ grants are funding projects like expanding bus services using nearly $2 million of secured funds. At a recent board meeting, approximately $1 million was allocated for safety projects in Lakewood.
“Lakewood’s UEZ program offers financial assistance programs popular with businesses,” said David Klein. These include loan forgiveness for hiring full-time employees who stay employed for a year, tech incentives, and a revolving loan program.
A key factor in Lakewood's success is its user-friendly website portal which supports these initiatives.
Established in 1983, the UEZ program allocates ZAFs based on a formula set by state law N.J.S.A. 52:27H-88. In August 2021, legislation appropriated $42.5 million to expand UEZA services within designated zones.
In two years since relaunching, about $52 million has been awarded across 115 municipal projects statewide under this program offering reduced sales tax rates among other benefits.
For more information on the UEZA visit their website or explore additional DCA programs which include affordable housing production, rental assistance, fire safety among others.
