By Niki Bajracharya, NJEDA Brownfields and Sustainable Systems
Taking a major step towards revitalizing brownfield sites throughout New Jersey, the New Jersey Economic Development Authority (NJEDA) launched the inaugural application round for its Brownfields Redevelopment Incentive Program (BRIP) in June. The BRIP is designed to support remediation costs and incentivize developers to carry out cleanup activities at brownfield sites throughout the state, transforming old, vacant, or underutilized contaminated properties into local community assets.
The BRIP is a competitive tax credit initiative with a budget of $300 million designed to incentivize environmental remediation, abatement, and demolition activities, opening doors for commercial, retail, and mixed-use development or expansion on brownfield sites. Under the BRIP, eligible brownfield sites can receive a one-time tax credit award up to 60 percent of the remediation costs, depending on their location, with a maximum award up to $8 million per project. Importantly, these tax credits are transferable and can be sold. The credits can also be combined with other NJEDA funding initiatives such as Aspire and the Historic Property Reinvestment Program, providing developers with additional financial support.
In addition to administering financial incentives, the Brownfields & Sustainable System team at the NJEDA has created materials to assist potential applicants. The Authority’s website provides an Eligibility Self-Assessment Tool, an Application Checklist, and Frequently Asked Questions, all of which can be invaluable resources for applicants seeking to understand the program's criteria and application process.
Applications for the BRIP are due by 5:00 p.m. EDT on September 21, 2023, and can be found here. Developers interested in revitalizing brownfield sites in New Jersey should consider this program as a valuable resource. By leveraging the financial incentives and technical support available through the BRIP, developers can transform abandoned, contaminated properties into thriving community assets.