Which state or federal policy issues could be most impactful to commercial real estate in 2022?
We assembled a panel of industry experts to tackle this month’s question. Here’s what they had to say:
Applications for the New Jersey Economic Development Authority (NJEDA) Brownfields Impact Fund are now available. This program will provide low-interest loans ranging from $50K to $350K for brownfield cleanup projects. Additionally, grants are available to eligible entities (non-profits and government entities) for $25K to $350K for brownfield cleanup projects.
Learn more and prepare to apply at https://www.njeda.com/brownfieldsimpactfund.
Loans made through the program will have up to a twenty-year term based on the remediation and project redevelopment timeframe. Principal and interest will be deferred through the end of Year 4 (with interest to accrue and capitalize during this period). Interest rates on loans made through the program will be between one and two percent, with reductions available for projects that achieve NJEDA state goals based on the project location.
More information and complete eligibility criteria are available at https://www.njeda.com/brownfieldsimpactfund.
Applications for the Brownfields Impact Fund program will be accepted on a rolling basis. Loans and grants will be awarded on a first come, first served, based on the readiness of the application and the availability of funds. For the initial 90 days after program launch, only applications for projects located in the target Community Collaborative Initiative (CCI) cities (Bayonne, Bridgeton, Camden, Jersey City, Millville, Newark, Trenton, Paterson, Paulsboro, Perth Amboy, Salem City, and Vineland) will be considered. This will prioritize investment in these communities which have high instances of brownfields, poverty, health disparities and need for revitalization. After 90 days, the program will be open throughout the state.
If you have questions about the Brownfields Impact Fund or the application process, please reach out to the NJEDA Brownfields Team at [email protected].