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Apply for Funding
Beginning in 1984, below-market-rate project financing became available statewide through the Casino Reinvestment Development Authority (CRDA). Projects proposed for loans must be financially feasible, secured, and qualify for a bond rating of “B” or better.
Funds can be used for construction, rehabilitation, acquisition and professional fees. The CRDA can provide both construction and permanent financing. Project fees can be capitalized in the loan.
The CRDA reviews requests for funding on a continuous basis. Funding requests are submitted to the appropriate CRDA Project Review Committee. The Committee reviews these requests for program requirements, priority eligibility, need, and compliance with the Statute. If the Project Review Committee finds that a project is eligible for funding, it will recommend approval by the full CRDA Board.
The full CRDA Board provides three separate approvals for funding.
- The first approval is for Preliminary Determination of Eligibility.
- The second approval is for Project Approval. Prior to the second approval, the following activities must take place:
- Public Hearing in the municipality where the Project will be located.
- Project underwriting evaluations.
- Project bond rating.
3. The final approval is the approval of a Fund Reservation.
Should the Project Review Committee find a project ineligible, the applicant will be notified by the CRDA.
To learn about the funding opportunity process, please click each of the three tabs in the drop box menu in “Funding” for more information.