The Atlantic City Revitalization Grant Program, a $19.65 million pilot program, will utilize American Rescue Plan State and Local Fiscal Recovery Funds to fund capital projects in Atlantic City, ensuring that local neighborhoods are directly supported, according to an announcement from the New Jersey Economic Development Authority board.
Eligible projects must address a negative impact of COVID-19 and contribute to Atlantic City’s revitalization. Those projects will include capital construction projects that renovate or restore a vacant building or a new construction project.
All projects must aim to address at least one local impact consideration, which include addressing downtown vitality efforts, job and office space creation, food insecurity, clean and safe initiatives and small business support, with the long-term goal to help improve overall economic prosperity in Atlantic City.
“The Atlantic City Revitalization Grant Program advances Gov. Phil Murphy’s goal of investing in New Jersey communities by promoting strong and equitable economic recovery, supporting business and job creation and bolstering local economies,” NJEDA CEO Tim Sullivan said. “The program approved today adds to the NJEDA’s robust suite of impactful and strategic programs to strengthen Atlantic City’s economy in the wake of the pandemic.”
The program will be open to for-profit and nonprofit entities responsible for overseeing a real estate development project in Atlantic City.
Program grants, which will be disbursed to approved applicants on a rolling basis until all funds are exhausted, will cover up to 50% of all soft and hard construction costs, with a minimum award request of $1 million and a maximum award request of $10 million.
Once approved for grant funding, projects will be presented to the NJEDA board for final approval, and applicants must demonstrate they have secured the remaining portion of funding. For more information on program eligibility and the application process, click here.
“The Atlantic City Revitalization Grant Program is a welcome addition to ongoing efforts to diversify and expand the city’s economic opportunities and improve the quality of life for city residents,” New Jersey Department of Community Affairs acting Commissioner Jacquelyn Suárez said. “Atlantic City is making strides, and this new grant program will help keep the positive momentum going. We’re confident the Atlantic City revitalization grants will result in projects that strengthen neighborhoods, support existing businesses and create well-paying jobs.”
“As the Small administration continues to push for more development in the great city of Atlantic City, we are grateful this additional funding has become available to hopefully ease some burdens,” Mayor Marty Small Sr. said. “The COVID-19 pandemic halted many development plans in Atlantic City, so I encourage anyone who is eligible to apply for these funds and thank the New Jersey Economic Development Authority for your continued support.”
Grants awarded from the Atlantic City Revitalization Grant Program will utilize $19.65 million in ARP Coronavirus State and Local Fiscal Recovery Funds of the $30 million appropriated for “Atlantic City Initiatives” in the New Jersey Fiscal Year 2024 Appropriations Act.