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As part of the state’s latest efforts to spark urban municipalities in the wake of the pandemic, the New Jersey Economic Development Authority (NJEDA) board this week approved the creation of a new fund to support that recovery in six Garden State cities.

The $38 million Urban Investment Fund Grant Program will provide grants of up to $7 million to revitalize targeted commercial corridors in Camden, New Brunswick, Newark, Passaic, Paterson and Trenton. All cities ranked within the top 5% of commuter-adjusted population and municipal distress based on the 2023 Municipal Revitalization Index.

The pilot is being funded through federal pandemic funds.

Some Urban Investment Fund Grant Program particulars include:

• NJEDA will provide grants to eligible municipalities to implement a revitalization strategy to respond to decreased foot traffic and revenue from the pandemic by helping enhance vitality.
• The six municipalities are eligible to apply for a minimum of two projects.
• Approved grants may not exceed 80% of total project costs for eligible uses. That includes building rehabilitation projects, building reuse studies and public space use improvements.
• Grants of up to $7 million will go to municipalities with commuter-adjusted populations of over 100,000 people. Municipalities with commuter-adjusted populations under 100,000 people are eligible for up to $5.7 million.

‘Promoting sustainable economic recovery’

The NJEDA says it is taking the lead in supporting Gov. Phil Murphy’s goal of investing in communities hit hard by the pandemic. The work aims to build world-class, economically thriving cities and towns across the Garden State.

“The Urban Investment Fund Grant Program will promote strong and equitable economic recovery in vital commercial corridors and stimulate local economies with impactful investment,” said NJEDA Chief Executive Officer Tim Sullivan.

Murphy stresses that the state’s post-pandemic resiliency relies on the 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 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 expects to open applications in May. More information on the program is available here.

Expanding on the issue:

During a recent interview with NJBIZ, NJEDA CEO Tim Sullivan offers insights about how New Jersey businesses are emerging from the pandemic and the efforts NJEDA is taking to address challenges. Click here to read more.