Atlantic City and Newark are recipients of a total of $25 million in Real Estate Rehabilitation and Development Grants, according to a Thursday release from the New Jersey Economic Development Authority board.
The funding from the Activation, Revitalization and Transformation, or ART, Program will help the two cities, which were particularly hard hit by a downturn in economic activity due to the pandemic. A total of 13 projects were approved for grants that will focus on the rehabilitation and renovation of current infrastructure, as well as the construction of new property.
“New Jersey’s downtowns are essential to our state’s economy and culture and, in the wake of the pandemic, Gov. Phil Murphy has been committed to ushering in a resurgence in these downtowns,” NJEDA CEO Tim Sullivan said. “The funding awarded today will allow entities to rehabilitate vacant and blighted properties to encourage businesses, commuters, and residents back to city centers.”