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The Real Estate Gap Financing Grant Program is a pilot program established to provide grants for real estate development projects located in distressed municipalities as defined below that require gap financing and that address the negative economic impacts of the COVID19 pandemic.
Eligible applicants are for-profit and non-profit entities (each, an "Applicant" or "Developer Entity") which are undertaking an eligible real estate project in an eligible municipality (as outlined below) that require gap financing and that address the negative economic impacts of the COVID-19 pandemic.
The following types of real estate projects (new construction and/or substantial rehabilitation as defined below) which are located in distressed municipalities as defined below are eligible and will be considered for Real Estate Gap Financing grants:
Please note: Projects consisting solely of warehouse and/or retail spaces are ineligible for funding. Additionally, any warehouse use included must be ancillary and in direct support of the site’s eligible primary use. Projects primarily for governmental or educational use are ineligible for funding, including buildings that would be owned, leased, or primarily leased (51% of square footage) by governmental or educational entities following development.
Substantial rehabilitation shall have the same meaning as "reconstruction" in N.J.A.C. 5:23-6.3 as "any project where the extent and nature of the work is such that the work area cannot be occupied while the work is in progress and where a new certificate of occupancy is required before the work area can be reoccupied. Reconstruction may include repair, renovation, alteration or any combination thereof. Reconstruction shall not include projects comprised only of floor finish replacement, painting or wallpapering, or the replacement of equipment or furnishings. Asbestos hazard abatement and lead hazard abatement projects shall not be classified as reconstruction solely because occupancy of the work area is not permitted."
Projects that have started construction are not eligible. Construction, including demolition and remediation, cannot start until EDA’s approval of the application.
Bayonne, Belleville, Bridgeton, Carteret, East Orange, Elizabeth, Garfield, Hackensack, Irvington, Jersey City, Kearney, Lakewood Township, Linden, Long Branch, Middle Township, Millville, North Bergen, Orange, Pennsauken, Perth Amboy, Plainfield, Union City, Vineland, West New York, and Winslow.
Per US Treasury deadlines and federal SLFRF requirements, all Program funds must be expended by December 31, 2026.
In the event of any questions, please contact a Real Estate Gap Financing team member at realestateinfo@njeda.gov
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