Competitive Program Helps Attract Long-Term Investment While Preserving NJ’s Historic Structures
TRENTON, N.J (February 1, 2023) – Applications for the 2023 round of funding for the New Jersey Historic Property Reinvestment Program (HPRP) are now open, the New Jersey Economic Development Authority (NJEDA) has announced. Applications for Regular and Transformative Projects will be accepted until 2:00 p.m. on Monday, April 3, 2023. For eligibility requirements and to access the application, please visit https://www.njeda.com/historic-property-reinvestment-program/.
Created under the New Jersey Economic Recovery Act of 2020, the HPRP’s main focus is historic preservation as a component of community development, aiming to attract long-term private investment into New Jersey while preserving historic properties throughout the state.
“The HPRP is strategically designed to support efforts to preserve local historic assets while meeting the needs of a 21st century economy,” said NJEDA Chief Executive Officer Tim Sullivan. “Investing in the rehabilitation of dormant properties enables us to bolster local communities by furthering Governor Phil Murphy’s efforts to prioritize equitable and inclusive development, all while respecting the significance of iconic structures throughout New Jersey.”
The HPRP is designed to work in conjunction with the Federal Historic Tax Credit Program to encourage and bolster long-term private investments focused on the rehabilitation of existing identified historic structures throughout New Jersey. The program incentivizes work that can significantly contribute to the revitalization of cities and downtowns into more vibrant magnets for people and investment, while preserving often underutilized historic properties and returning them to productive use.
In October, the NJEDA’s Board approved HPRP tax credits to support the rehabilitation of Loew’s Theatre in Jersey City. This project, which marks the first award under the HPRP, is expected to result in the complete rehabilitation of the historic theater for use as a live performance, movie, and entertainment venue. The Board authorized the award of $42.27 million in tax credits, representing 45 percent of the eligible cost under the project, which has an estimated total cost of $110 million.
“Our investment into the revitalization of historic properties through the HPRP will have a lasting positive impact on neighborhoods and cities statewide,” said NJEDA Director of Historic Preservation Aidita Milsted. “We saw a robust response when we launched the HPRP last year and are excited to see what projects come our way through the 2023 application period.”
Article Courtesy of the NJEDA