Alert Symbol
Plastic Bag Ban Now in Effect: Learn how the law may impact your business.
Governor Phil Murphy • Lt. Governor Tahesha Way
Funding section, Green dollar symbol.
Funding Icon

Grow

Funding

Whether you're looking for startup capital or considering a loan to finance the expansion of your business, a variety of opportunities are available.

Aspire

Deadline

Deadline:

Start Date:

Eligibility

  • The project must demonstrate through New Jersey Economic Development Authority analysis that without the incentive award, the redevelopment project is not economically feasible
  • Must demonstrate that a project financing gap exists and/or the redevelopment project will generate a below-market rate of return
  • Be located in a designated Incentive Area
  • Include a developer with equity participation of at least 20% of the total cost
  • The project must in a net positive benefit to the State
  • Must meet specific cost thresholds, depending on where the project is located

Benefits

  • Total award cap of $42M, but residential projects also receiving Low-Income Housing Tax Credits (LIHTC), or projects located in certain economically disadvantaged locations may receive up to $60M
  • Tax credits equal to 45% of project costs up to $42M

Bonuses

  • Commercial projects in a Government Restricted Municipalities (GRM) (These municipalities include: Atlantic City, Paterson and Trenton) can receive tax credits up to 50% of costs in project support
  • Newly constructed residential projects that are also utilizing 4% LIHTCs can receive tax credits for up to 60% of project costs
  • Projects using LIHTC or any other project in a Qualified Incentive Track (QIT), GRM, or municipality with a Municipal Revitalization Index (MRI) distress score of at least 50, can receive tax credits up to $60M
Learn More