The New Jersey Economic Development Authority is accepting applications for the 21st Century Redevelopment Program, which will provide grant funding to assist communities with developing solutions for repurposing vacant or underutilized commercial properties.
The 21st Century Redevelopment Challenge comes as a response to a number of demographic and economic trends that have resulted in an outmigration of jobs and population, leaving many office parks and shopping malls that once thrived now underutilized or vacant. These properties create many planning challenges for the communities that host them, including the loss of tax revenues and lack of resources to maintain infrastructure and roads around these properties.
“Repositioning these sites will help drive the innovation economy via a range of new uses, from modern office space to mixed use development to catalytic open space,” said NJEDA CEO Tim Sullivan.
The 21st Century Redevelopment Program will launch as a pilot program with a total of $250,000 in funding available in the form of grants of up to $50,000 per recipient. New Jersey municipalities, counties, or county redevelopment agencies are eligible. For more information, visit www.njeda.com.