The New Jersey Economic Development Authority has opened applications for its Construction Inflation Fund — a competitive program designed to address effects of COVID-19 on real estate developments, covering increased expenses to project delays.
The $10 million initiative offers grants of up to 20% of total project costs to small businesses for substantial rehabilitation, new construction and development associated with individual projects that have been subject to construction price increase and wider funding gaps due to the pandemic.
“We know for sure that there are projects out there that have run into some turbulence or worse because of supply chain challenges, inflation, interest rate spikes, which are certainly a COVID phenomenon,” said NJEDA Chief Executive Office.