The New Jersey Economic Development Authority (NJEDA) has announced the allocation of $12.7 million in grants to aid revitalization efforts in Paterson and Passaic. The funding is provided through the Urban Investment Fund Grant Program and aims to support building rehabilitation and public space projects in these cities, which were significantly affected by the COVID-19 pandemic.
Governor Phil Murphy emphasized the importance of investing in urban neighborhoods, stating, "Investing in the revitalization of New Jersey’s hardest hit communities will help bolster small businesses, support job growth, and create thriving main streets." NJEDA CEO Tim Sullivan highlighted that the funds will drive economic growth by creating jobs and supporting local businesses.
A portion of Paterson's $7 million grant will be used to construct a metal-frame pavilion over historic locomotives near the Paterson Museum. This project is part of a larger strategy to enhance the Great Falls Historic District.
Paterson Mayor Andre Sayegh expressed gratitude for NJEDA's support, saying, "Our city is in growth mode, and we appreciate EDA’s steadfast support." Passaic Mayor Hector Lora added that the funds would strengthen ongoing redevelopment initiatives.
The New Jersey Community Development Corporation (NJCDC) is collaborating with Paterson on projects along Spruce Street. NJCDC CEO Robert Guarasci noted that these projects would improve access to Paterson’s Great Falls National Historical Park.
State Senator Benjie Wimberly commended NJEDA's investment for acknowledging Paterson's industrial heritage while providing resources for future development. State Senator Paul Sarlo praised Governor Murphy and NJEDA for their commitment to enhancing Passaic's Downtown neighborhood.
Assemblywoman Shavonda Sumter highlighted that the investment would create new opportunities for affordable housing and public spaces. Assemblyman Al Abdelaziz emphasized that these projects would attract businesses and visitors while preserving Paterson’s history.
Assemblyman Gary Schaer thanked NJEDA for its support in creating affordable housing and rehabilitating public spaces in Passaic. The Urban Investment Fund Grant Program was established in March 2024 to provide grants for revitalizing key commercial corridors in eligible municipalities such as Camden, Newark, New Brunswick, Passaic, Paterson, and Trenton.
