Application’s Open For NJEDA’s Brownfields Redevelopment Program
TRENTON, N.J. (June 26, 2023) – The New Jersey Economic Development Authority (NJEDA) is now accepting applications for the Brownfields Redevelopment Incentive Program (BRIP). This $300 million competitive program offers up to $8 million in tax credits per project for environmental investigation, remediation, abatement, and demolition activities to allow for the redevelopment of brownfield sites in New Jersey.
WHAT: The Brownfields Redevelopment Incentive Program, funded at $300 million, is designed to support remediation costs and incentivize developers of redevelopment projects to carry out cleanup activities at brownfield sites throughout the state, transforming old, vacant, or underutilized contaminated properties into local community assets.
Established by the New Jersey Economic Recovery Act of 2020 (ERA), the BRIP will make a onetime award of up to 60 percent of remediation costs available for eligible brownfield sites depending upon their location, with a maximum award of up to $8 million. The program is designed to work in conjunction with other NJEDA incentives if applicable, including the Aspire tax credit program. Potential applicants should reference product materials like FAQs and the applicant checklist, then send their questions to bftaxcredit@njeda.gov prior to applying.
WHEN: Applications will be accepted until 5:00 p.m. on Thursday, September 21, 2023.
Last week, the NJEDA hosted a webinar outlining details of BRIP and the application process. Interested parties, including developers, investors, real estate professionals, attorneys, environmental professionals, and economic development teams, can view a recording of the informational webinar here.