The Urban Investment Fund Grant Program will offer financial support to strengthen commercial corridors in Camden, New Brunswick, Newark, Passaic, Paterson & Trenton.
TRENTON, N.J. (March 7, 2024) – The New Jersey Economic Development Authority (NJEDA) Board today approved the creation of the Urban Investment Fund Grant Program to support recovery efforts in urban municipalities affected by the COVID-19 pandemic. Financed with over $38 million in federal funding, the pilot program will provide grants of up to $7 million for the revitalization of targeted commercial corridors in six of New Jersey’s urban municipalities.
“New Jersey’s resiliency post-pandemic relies on our ability to create an environment where businesses can thrive, particularly in our urban communities where shifts in work patterns have had a more profound impact,” said Governor Phil Murphy.“This new pilot program approved today will take advantage of federal funding to rehabilitate some of the hardest hit municipalities in the Garden State, promoting sustainable economic recovery.”
“The NJEDA has taken the lead in supporting Governor Phil Murphy’s goal of investing in communities hit hard by the pandemic, to build world-class, economically thriving cities and towns across the state,” said NJEDA Chief Executive Officer Tim Sullivan. “The Urban Investment Fund Grant Program will promote strong and equitable economic recovery in vital commercial corridors and stimulate local economies with impactful investment.”
The Urban Investment Fund Grant Program, first proposed by the Governor in his Fiscal Year 2024 budget, will enable NJEDA to provide grants to eligible municipalities to implement a revitalization strategy to respond to decreased foot traffic and revenue due to the COVID-19 pandemic by helping cities enhance vitality. The municipalities of Camden, New Brunswick, Newark, Passaic, Paterson, and Trenton, all ranked within the top five percent of commuter-adjusted population and municipal distress based on the 2023 Municipal Revitalization Index, are eligible to apply for a minimum of two projects. Approved grants may not exceed 80 percent of total project costs for eligible uses, including building rehabilitation projects, building reuse studies, and public space use improvements. Funding for the program was provided through American Rescue Plan State and Local Fiscal Recovery Funds.
“The Urban Investment Fund Grant Program will unlock capital for communities still recovering from the pandemic’s economic effects, assisting the rehabilitation and improvement of commercial corridors to support urban municipalities,” said NJEDA’s Chief Real Estate Development Officer Jorge Santos. “This program will add to the NJEDA’s robust suite of real estate support initiatives, ensuring equitable and effective revitalization across the Garden State.”
The program will provide grants of up to $7 million to municipalities with commuter-adjusted populations of over 100,000 people, and up to $5.7 million for municipalities with commuter-adjusted populations under 100,000 people. For more information on eligibility requirements and funding uses, visit https://www.njeda.gov/urban-investment-fund-grant-program/.
About the NJEDA
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.
To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.
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