Beginning Sept. 18, the New Jersey Economic Development Authority (NJEDA) is auctioning up to $10 million in corporate and insurance premium tax credits through its Food Desert Relief Tax Credit Auction.

The announcement follows the NJEDA board’s April approval of rules for the $240 million Food Desert Relief Tax Credit Program, as well as the auction of up to $50 million of the $240 million in tax credits this year.

Proceeds from the auction will be used to fund programs aimed at improving and increasing access to healthy foods throughout New Jersey’s 50 Food Desert Communities (FDCs).

To be eligible, bidders must be New Jersey Corporation Business Tax or Insurance Premiums Tax filers. The application will be open until the close of business on Oct. 18. The NJEDA says that companies can bid for tax credits at a discount of up to 15%.

“The NJEDA is committed to fighting food insecurity and this tax credit auction will help raise funds for programs that will help ensure fresh, healthy, and affordable food is accessible and available in every community across the state,” said NJEDA Chief Executive Officer Tim Sullivan in a press release announcing the auction. “Every New Jerseyan deserves access to high-quality food options, no matter their zip code.”

The NJEDA notes that the future grants, loans and technical assistance initiatives that derive from these auction proceeds will complement the Food Desert Relief Tax Credit Program, an initiative to support development and operation of new supermarkets in FDCs by supporting small and mid-sized food retailers and other entities involved in strengthening food security.

Details about the auction process can be found here.