The New Jersey Economic Development Authority (NJEDA) released for public feedback a draft rule proposal for the Aspire Program, as established under the New Jersey Economic Recovery Act of 2020 (ERA). The Aspire Program is a gap financing tool to support commercial, mixed use, and residential real estate development projects.
Members of the public are encouraged to review the preliminary rules and submit written feedback through an online form available on the Economic Recovery Act website. The NJEDA will also be hosting two listening sessions for public input on the draft rules.
“As we recover from the COVID-19 pandemic, it is crucial that we support new investments in our communities,” said NJEDA Chief Executive Officer Tim Sullivan. “The Aspire Program will facilitate equitable, community-supported residential and commercial development projects that make our communities vibrant live, work, play destinations that better serve residents and help attract successful companies and top-notch talent.”
Draft Aspire Program rules are available now for review at https://www.njeda.com/economicrecoveryact/program-specific-feedback/.
Members of the public can also provide input during the NJEDA’s public listening sessions, which are scheduled for the following times:
- Friday, September 17th at 3:00 p.m.
- Monday, September 20th at 3:00 p.m.
Members of the public can access the listening sessions at https://us02web.zoom.us/j/83755290991?pwd=M1lzWWdaaGwrdi85MDhuRk4vUVdRUT09; Passcode: Aspire.
Members of the media interested in attending the session or submitting questions are asked to email firstname.lastname@example.org.
In addition to the Aspire Program, the ERA creates a suite of programs that includes tax credits to incentivize job creation, new construction, and revitalization of brownfields and historic properties; financial resources for small businesses; support for new supermarkets and healthy food retailers in food desert communities; new funding opportunities for early-stage companies in New Jersey; and support for the growing film and digital media industry. The NJEDA will continue to engage the public as new programs and rules are developed.
For more information and to provide written input on the design and implementation of Economic Recovery Act programs, visit https://www.njeda.com/economicrecoveryact/.
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.