The New Jersey Economic Development Authority announced Nov. 6 it will open applications for the next round of funding for the Historic Property Reinvestment Program (HPRP) on Nov. 29.  

Created under the New Jersey Economic Recovery Act of 2020, the program aims to incentivize community development and private investment through the preservation of historic properties throughout the state. 

The first project approved under the program was the rehabilitation of Loew’s Theatre in Jersey City, which received $42.27 million in tax credits for the work in October 2022.

“By supporting projects like the revitalization of Loew’s Theater into vibrant community assets, we are ensuring the long-term growth of local economies while preserving the history of iconic properties within New Jersey’s neighborhoods,” Gov. Phil Murphy said at the time. 

Some of the eligibility requirements for the tax credit award include demonstrating that the rehabilitation project is not economically feasible without the funding; construction or rehabilitation activity at the site of the project must not have started before submitting an application; and other criteria. 

Applications for regular and transformative projects will open at 10 a.m. Nov. 29 and will close at 2 p.m. Feb. 29. For further eligibility requirements and to apply, click here.