The New Jersey Economic Development Authority’s (EDA) 21st Century Redevelopment Program provides planning grants for communities to develop solutions for repurposing local vacant or underutilized commercial and retail properties.
This program will launch as a pilot round of up to $250,000 in funding available in the form of planning grants of up to $50,000 per recipient. Communities can apply for funding through the 21st Century Redevelopment Program to support ideas that focus on a number of elements including, but not limited to:
· Determining cost-benefits of retrofitting, redeveloping or regreening a property or properties;
· Driving economic growth for the facility and region;
· Creating greater social, economic, and environmental sustainability;
· Expanding affordable and multi-family housing;
· Attracting employers and a diverse, talented workforce
· Expanding entrepreneurial opportunities and supporting local businesses;
· Promoting walkable neighborhoods and improving accessibility and mobility;
· Connecting to public transportation; and
· Improving livability and healthy outcomes for local population.
Applications are expected to be available in November. Applications will be accepted on a rolling basis, and evaluated on a first come, first serve basis, according to the date the EDA receives the completed application.
The EDA has also announced a second round of funding through the Innovation Challenge, made available for communities for the development of economic development plans to augment their local innovation ecosystems.
Through this second round of the Innovation Challenge, up to $500,000 will be available in the form of grants of up to $100,000 each for plans that may focus on several key areas including, but not limited to:
· Increasing opportunities to grow or expand clusters of dynamic companies;
· Encouraging the growth and expansion of incubators and other innovation-supportive real estate spaces;
· Providing STEM training and connections to careers; and
· Building a culture of entrepreneurship.
Applications are expected to be available beginning in November.
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