The New Jersey Economic Development Authority (NJEDA) Board has approved more than $17 million in funding to support 12 real estate development projects across the state. This funding comes from the Local Property Acquisition Grant Program, which aims to aid economic development by transforming unused properties into commercial spaces and community hubs.
Tim Sullivan, NJEDA Chief Executive Officer, emphasized the program's alignment with Governor Murphy's commitment to enhancing New Jersey’s economic prospects. "Since taking office, Governor Murphy has been dedicated to boosting the economic prospects of New Jersey’s communities, creating jobs for local residents, and generating vital tax revenue for municipalities," Sullivan stated. He added that the projects supported through this grant will help advance local economic development initiatives throughout the state.
First introduced in 2023, the Local Property Acquisition Grant Program is a competitive initiative providing funds to various entities including municipalities and not-for-profit organizations. The grants are intended for acquiring vacant sites or buildings with plans for redevelopment aimed at supporting local or regional economic priorities.
Funding from this program can be used for strategic public use projects such as public plazas and parks or future development projects like commercial developments and research spaces.
