Real Estate

NJEDA Activation, Revitalization, and Transformation (ART) Program: Provides a one-time grant to support economic recovery in urban areas with mass transit that have faced economic harm from the reduction of commuters due to the COVID-19 pandemic. The program will fund Real Estate Rehabilitation and Development projects and Public Space Activation initiatives in Atlantic City or Newark. The Real Estate Rehabilitation and Development program will provide up to $7 million in grant funding for real estate development financing, while the Public Space Activation program will provide $3 million in grant funding to support public space activation initiatives.

Aspire Program: A gap financing tool to support commercial, mixed-use, and residential real estate development projects in eligible incentive areas (map of eligible incentive areas found here) This replaces the Economic Redevelopment and Growth Grant.

Construction Inflation Fund: A $10 million pilot program that offers grants to real estate development projects affected by increased construction costs and project funding gaps due to the COVID-19 pandemic. The grants will support real estate substantial rehabilitation, new construction, and development costs to help mitigate the negative economic impacts of the pandemic.