Two new real estate pilot programs were approved this week by the New Jersey Economic Development Authority — the Film & Digital Media Studio Infrastructure Program and the Construction Inflation Fund.
Both programs will provide grant funding for real estate development projects that stimulate economic growth and enhance the state’s long-term economic competitiveness in the wake of COVID-19.
The Film & Digital Media Studio Infrastructure Program will provide $9.5 million in grant funding to governmental entities for infrastructure improvements and sitework in support of the development of a film or digital media studio production facility. By investing in real estate projects that support New Jersey’s growing film and digital media sector, this pilot program will bring additional productions to the state, create jobs and further the state’s economic recovery.
Meanwhile, the Construction Inflation Fund Pilot Program will provide $10 million in grant funding from the federal American Rescue Plan State and Local Fiscal Recovery Fund for real estate development projects that have experienced increased construction costs and project funding gaps as a result of the COVID-19 pandemic. The fund aims to mitigate the pandemic’s negative economic impacts by providing support to real estate development in the form of grants for real estate substantial rehabilitation, new construction and development costs associated with each project. To further New Jersey’s post-pandemic economic recovery, the Construction Inflation Fund will provide much-needed grant funding to ensure that real estate development projects most impacted by the pandemic can move forward.
“As New Jersey’s economy continues to rebound in the wake of COVID-19, catalytic investments in real estate development and strategic sector support are critical in ensuring our state’s long-term, equitable, economic recovery,” NJEDA CEO Tim Sullivan said. “Through the Film & Digital Media Studio Infrastructure Program and the Construction Inflation Fund Program, the NJEDA will provide almost $20 million to development projects that support New Jersey’s growing film sector, support community vitality and create jobs.”