Historic Property Reinvestment Program

About this funding opportunity

Open in new Tab HISTORIC PROPERTY REINVESTMENT PROGRAM

The Historic Property Reinvestment Program Application is now open. Please use the _Apply Here_ button at the right of this page to access the application.

APPLY HERE

The Historic Property Reinvestment Program is a tax credit program to leverage the federal historic tax credit program to support rehabilitation projects of identified historic properties. ELIGIBILITY APPLICATION AWARD SIZE FISCAL AND RESIDENT PROTECTIONS FEES PRIOR CONSTRUCTION ALLOWABLE EXCEPTIONS

ELIGIBILITY

To receive tax credits through the Historic Property Reinvestment Program, a project must: Demonstrate that without the tax credit award, the rehabilitation project is not economically feasible. Prove that a project financing gap exists, and the tax credit award being considered for the project is equal to or less than the project financing gap. Financing gap is not applicable for projects located within a Government Restricted Municipality (GRM) or if total cost of rehabilitation is less than $5 million. Not have started any construction activity at the site prior to submitting the application or execution of the agreement except for limited instances meeting allowable exceptions. Include business entity contributed equity of at least 20 percent of the total project costs. Equity contribution requirement is not applicable for projects located within a Government Restricted Municipality (GRM) or if total cost of rehabilitation is less than $5 million. Meet minimum cost requirements where the cost of rehabilitation for the selected rehabilitation period cannot not be less than the greater of the adjusted basis of the structure or $5,000. For a residential project, the structure must serve a residential rental purpose and also contain at least four dwelling units. Be a rehabilitation project.

Please be advised: New Jersey State law prohibits most cannabis license and certification holders from receiving or continuing to receive an economic incentive from the NJEDA. If the applicant, or any person who controls the applicant or owns or controls more than one percent of the stock of the applicant, has applied for or received a license or a certification from the New Jersey Cannabis Regulatory Commission (NJ-CRC), the applicant is ineligible for this program and should not proceed with an application. If an application is received from an applicant that meets this criteria, the application will be declined and the application fee will not be refunded.

APPLICATION

Applications are being accepted on a rolling basis, rather than during competitive limited application windows, with awards based on the order in which complete applications are received by the Authority. All applications received will be scored based on the Program’s established scoring criteria. A minimum score of 50 out of a possible 100 will be required to be considered for an award under the Program.

If interest in the Program so warrants, at the Authority’s discretion and upon notice, the Authority may institute a competitive application process whereby all completed applications submitted by a date certain will be evaluated as if submitted on that date.

If you intend to apply to the Program, it is strongly suggested to contact the Historic Preservation team at HistoricTaxCredit@njeda.gov to discuss your project and application.

AWARD SIZE 50 percent of the cost of rehabilitation up to a maximum of $8 million, for rehabilitation projects NOT located within a qualified incentive tract or a government-restricted municipality 60 percent of the cost of rehabilitation up to a maximum of $12 million, for rehabilitation projects located within a qualified incentive tract or a government-restricted municipality 45 percent of the cost of rehabilitation up to a maximum of $50 million for rehabilitation projects that include a transformative property

Award size is based on the cost of rehabilitation (eligible costs)

FISCAL AND RESIDENT…

Topic areas: Circular Economy and Sustainability, Public Policy and Governance, Social Innovation and Community Development, Housing and Community Development.

Funding amount

This grant provides Varies in funding.

Deadline

Applications are accepted on a rolling basis; there is no single fixed deadline.

Who can apply

This opportunity is open to the following applicant types:

• Not specified by the program.

Eligibility

The program did not publish a separate eligibility statement. See the official opportunity page for the full eligibility criteria.

Agency

Historic Property Reinvestment Program is administered by New Jersey Economic Development Authority (NJEDA), listed via New Jersey Economic Development Authority.