The New Jersey Economic Development Authority (NJEDA) Board approved the creation of the Atlantic City Revitalization Grant Program. The $19,650,000 pilot program will award grants between $1M and $10M for capital projects that address and improve the communities and neighborhoods within Atlantic City.

Eligible projects must address a negative impact of COVID-19 and contribute to Atlantic City’s revitalization, which includes capital construction projects that renovate or restore a vacant building, or a new construction project. All projects must aim to address at least one local impact consideration, which include addressing downtown vitality efforts, job and office space creation, food insecurity, clean and safe initiatives, and small business support, with the long-term goal to help improve overall economic prosperity in Atlantic City. 

The program will be open to for-profit and non-profit entities responsible for overseeing a real estate development project in Atlantic City. Program grants, which will be disbursed to approved applicants on a rolling basis until all funds are exhausted, will cover up to 50 percent of all soft and hard construction costs with a minimum award request of $1 million and a maximum award request of $10 million. Once approved for grant funding, projects will be presented to the NJEDA Board for final approval, and applicants must demonstrate they have secured the remaining portion of funding.

Applications expected to open in early 2024. For more information on program eligibility and the application process, click here.