At the tail end of a flurry of activity, the New Jersey Economic Development Authority (NJEDA) late last week approved the creation of two new real estate pilot programs that aim to support construction and film infrastructure.

The Film & Digital Media Studio Infrastructure Program and the Construction Inflation Fund provide grant funding for real estate development projects in the wake of the pandemic.

Film & Digital Media Studio Infrastructure Program

This initiative provides $9.5 million in funding to governmental entities for infrastructure improvements and sitework in support of the development of a film or digital media studio production facility. It is the latest effort to build out the state’s film and television infrastructure, and comes on the heels of New Jersey’s blockbuster Netflix announcement from last week.

Construction Inflation Fund Pilot Program

This fund will provide $10 million in federal grants for development projects that have experienced increased construction costs and project funding gaps as a result of the pandemic. In a press release, the NJEDA said it is designed to mitigate COVID-19’s impact by offering support for substantial rehabilitation, new construction and development cost associated with each project.

NJEDA Chief Executive Officer Tim Sullivan said that as the state’s economy rebounds from the pandemic, these type of investments in real estate development are critical to ensure New Jersey’s recovery.

“Through the Film & Digital Media Studio Infrastructure Program and the Construction Inflation Fund Program, the NJEDA will provide almost $20 million to development projects that support New Jersey’s growing film sector, support community vitality, and create jobs,” said Sullivan.