The New Jersey Economic Development Authority (NJEDA) is now accepting applications for the Construction Inflation Fund, which will provide grants for development projects experiencing increased construction costs and funding gaps resulting from inflation caused by the COVID-19 pandemic. The $10 million program offers grants of up to 20 percent of total project costs.
WHAT: The Construction Inflation Fund, funded at $10 million, is a competitive grant program created to address the impacts of COVID-19. The Fund aims to mitigate the negative economic impacts of the pandemic by providing support to real estate development in the form of grants for real estate substantial rehabilitation, new construction, and development costs associated to each project.
The Fund was created through the federal American Rescue Plan’s Coronavirus State and Local Fiscal Recovery Funds. The Fiscal Year 2023 State Budget appropriated ARP funds for “Real Estate Gap Financing”, which led to the creation of the Construction Inflation Fund.
WHERE: Applications for the Construction Inflation Fund can be found here. Questions from interested parties can be submitted to realestateinfo@njeda.gov.
WHEN: Applications must be submitted by October 19, 2023 at 5:00 p.m.