The New Jersey Economic Development Authority will host both in-person and virtual information sessions to introduce the newly established $20 million Emerging Developers Grant pilot program in the next 10 days.
The Emerging Developer Fund aims to help developers gain access to capital and build additional capacity to expand their existing portfolio by providing grants of up to $250,000 for pre-development soft costs. Applications are expected to launch in April.
The program is for small-scale developers that have completed at least two – but no more than five – commercial and/or mixed-use properties of similar scope.
The fund aims to address various difficulties that continue to be a constant burden to emerging developers, which limit opportunities to expand their portfolios.