BROWNFIELDS REDEVELOPMENT INCENTIVE PROGRAM (Amended as of 9/4/24)

Open in new Tab BROWNFIELDS REDEVELOPMENT INCENTIVE PROGRAM (Amended as of 9/4/24) SIGN UP FOR UPDATES Revisions to this program were signed into law on 9/4/24. NJEDA is currently developing new rules to implement these changes, with an expected release in 2026. The new application will be posted here after the rules are issued. The program is not currently accepting applications. The Brownfields Redevelopment Incentive Program is a $100 million project-based tax credit. The program provides a one-time transferrable tax credit to incentivize environmental demolition activities that will allow for the redevelopment of brownfields sites for  mixed-use development or expansion. Eligibility Self-Assessment Tool The Eligibility Self-Assessment can walk you through the basic eligibility criteria for the Brownfield Redevelopment Incentive Program. ELIGIBILITY AWARD SIZE FISCAL AND RESIDENT PROTECTIONS FEES ELIGIBILITY The Brownfields Redevelopment Incentive Program covers specific costs associated with brownfield remediation. Eligible costs include those associated with investigation and remediation of environmental contamination and building and structural remedial activities. Tax credits will be awarded through a rolling application process. To receive tax credits through the Brownfields Redevelopment Incentive Program, a project must meet the following criteria: Be a brownfield. Receive a letter of support from the governing body. Demonstrate the project is not economically feasible without the tax credit award. Comply with prevailing wage requirements, including: Construction prevailing wage for all remediation and construction work at the project site until the later of the completion of the redevelopment project or two years after the tax credit is issued. Building services prevailing wage for 10 years after the redevelopment project is completed. The Developer (or their affiliates) must not have started remediation activities (beyond environmental assessment and investigation), except in two cases: If remediation was ordered by a government official with jurisdiction over the site, or certified by a Licensed Site Remediation Professional (LSRP) to correct or prevent the spread of a other hazard. If the applicant certifies that they could not reasonably have known the full extent of contamination before beginning cleanup efforts. Demonstrate that remediation costs are reasonable and appropriate. Be in good standing with NJ Department of Environmental Protection, NJ Department of Labor and Workforce Development, and NJ Department of the Treasury. Have a developer equity contribution of a minimum of 20% of total cost of remediation (10% in Government Restricted Municipalities and Qualified Incentive Tracts). Have site access to perform the remediation. Meet Green Remediation/Green Building Standards. For projects over $5 million that are not located in Atlantic Trenton, the applicant must demonstrate a project financing gap. Projects located in Atlantic Trenton, as well as projects under $5 million, are not required to meet this criterion. Additional notes on eligibility: Cannabis Businesses are not eligible. The redevelopment project can be a remediation-only project. Parties that have discharged a hazardous substance or otherwise caused or contributed to site contamination are not eligible for the program. Projects that received a reimbursement through the former Brownfield Contaminated Site Reimbursement Program are not eligible.