The New Jersey Economic Development Authority (NJEDA) is accepting applications for the Real Estate Gap Financing Grant Program, a $10 million pilot initiative aimed at supporting real estate development in distressed municipalities. This program is designed to bridge financing gaps in projects negatively impacted by the COVID-19 pandemic. Grants can cover up to 50% of eligible project costs, with awards ranging from a minimum of $500,000 to a maximum of $5 million per project.

Eligible projects include commercial or office spaces, supermarkets, grocery stores, manufacturing facilities, cultural or performing arts spaces, non-profit and community use projects (excluding government-owned properties), and mixed-use developments. Projects must be located in one of 25 designated distressed municipalities. Applicants should consult the program guidelines for a full list of eligible locations and specific requirements.

Applications are currently open and will close on January 8, 2025, at 5:00 p.m. Additional resources, including a recorded informational webinar, are available for potential applicants to understand program details and application requirements.

The NJEDA aims to promote inclusive and sustainable economic growth across New Jersey, addressing critical needs in underserved communities and enhancing long-term economic resilience. Interested parties should visit the NJEDA website for further information and application details.