The New Jersey Economic Development Authority (NJEDA) Board approved the creation of the Local Property Acquisition Grant Program. The pilot program will provide grants to governmental or not-for-profit local economic and community development entities for the acquisition of vacant properties to facilitate future redevelopment projects. Of the $24 million in funding available, approximately $3 million will support acquisitions for strategic public use projects, including public plazas, parks, and walkways, and the remainder of program funding will support acquisitions for future development projects, including commercial or mixed-use developments and research or laboratory spaces.

Maximum grant thresholds are $1 million for strategic public use developments and $4 million for future development projects. The minimum grant request for each product is $50,000. Grant funding for the program will be subject to a competitive application process expected to open in early 2024.

After eligibility review and scoring, recommended applications will be sent to the NJEDA Board for final approval.

For more information on the program, including application requirements, scoring parameters, and a full list of eligible projects, visit https://www.njeda.gov/local-property-acquisition-grant-program/.