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Smart Growth Redevelopment Funding
New Jersey’s Economic Development Authority (EDA) provides loans and guarantees up to $1 million for noncontamination-related site preparation costs, including, but not limited to, land assemblage, demolition, removal of materials and debris, and engineering costs. Eligible projects include commercial, industrial, office and mixed-use projects in urban and developed suburban communities. Projects must have municipal support and be part of a local development plan.
Additionally, long-term, low-interest financing is available to municipalities for infrastructure improvements and other predevelopment costs, including demolition and remediation, for redevelopment projects in municipality designated redevelopment areas. Bonds are secured by payments in lieu of taxes (PILOT) agreements negotiated by the municipality and the developer, special assessments on property benefiting from the improvements provided, or both. Qualifying bonds may be excluded from the municipality's gross debt.
To learn more about these funding programs or to get a financial or incentive package that meets your individual needs, call 866-534-7789.
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