Real Estate Gap Financing Grant Program Now Accepting Applications

On Oct 18, 2024

The New Jersey Economic Development Authority (NJEDA) is now accepting applications for the Real Estate Gap Financing Grant Program, which will provide grants for real estate development projects located in distressed, eligible municipalities that require gap financing.

The $10 million pilot program was established to support development projects and help address the negative economic impacts of the COVID-19 pandemic. Grant funding will be provided up to 50% of total eligible project costs with a minimum grant funding of $500,000, up to maximum $5,000,000 per project.

Eligible real estate projects include commercial/office, supermarkets/grocery stores, manufacturing, non-profit/community use projects (not government owned) cultural arts, performing arts, and mixed-use projects located in 25 distressed municipalities.

For a complete list of eligible municipalities and other eligibility requirements, click here.

Applications are now being accepted and will close Wednesday, Jan. 8, 2025, at 5:00 p.m.

An informational webinar was recently hosted by the NJEDA. Interested parties can view the webinar here.

To access more business news, visit NJB News Now.

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