The New Jersey Economic Development Authority (NJEDA) announced Feb. 1 that applications are now open for the 2023 New Jersey Historic Property Reinvestment Program (HPRP).
The initiative aims to use historic preservation toward community development, attempting to attract long-term private investment while preserving historic sites around the Garden State. It also works in conjunction with the Federal Historic Tax Credit Program to encourage investment focused on rehabbing existing historic structures while incentivizing work that contributes to downtown and city revitalizations.
The first project under the HPRP is the rehabilitation of Loew’s Theater in Jersey City. In October, the NJEDA board approved $42 million in tax credits for the work, which will rehab the venue for use as a live performance, movie and entertainment venue.
NJEDA CEO Tim Sullivan said investing in the revitalization of these properties bolsters local communities while respecting the significance of iconic structures throughout New Jersey.
“The HPRP is strategically designed to support efforts to preserve local historic assets while meeting the needs of a 21st century economy,” said Sullivan.
“Our investment into the revitalization of historic properties through the HPRP will have a lasting positive impact on neighborhoods and cities statewide,” said NJEDA Director of Historic Preservation Aidita Milsted. “We saw a robust response when we launched the HPRP last year and are excited to see what projects come our way through the 2023 application period.”
The application, which will be accepted until April 3, is available here.