Applications are now being accepted for the state’s $300 million Brownfields Redevelopment Incentive Program, which offers up to $8 million in tax credits per project for environmental investigation, remediation, abatement, and demolition activities to redevelop brownfield sites.
The New Jersey Economic Development Authority’s Brownfields Redevelopment Incentive Program (BRIP) is designed to incentivize developers of redevelopment projects to carry out cleanup activities at brownfield sites throughout the state, transforming old, vacant, or underutilized contaminated properties into local community assets.
Established by the New Jersey Economic Recovery Act of 2020 (ERA), the BRIP will make a onetime award of up to 60% of remediation costs available for eligible brownfield sites, depending upon their location, with a maximum award of up to $8 million.
BRIP is designed to work with other NJEDA incentives, if applicable, such as the Aspire tax credit program.
A recording of a recent NJEDA webinar that outlined details of BRIP and the application process for interested parties, including developers, investors, real estate professionals, attorneys, environmental professionals, and economic development teams, can be viewed here.
Applications will be accepted until 5 p.m. on Thursday, Sept. 21, 2023. Applicants should reference product materials like FAQs and the applicant checklist, then send their questions to bftaxcredit@njeda.gov prior to applying.
