F1 supremo Bernie Ecclestone tore up the initial deal last year due to the fact they "had not complied with the terms and conditions of the contract", sccording to the 82-year-old.
The event, along the banks of the Hudson River in New Jersey and with the Manhattan skyline as a backdrop, ran into financial difficulties.
Ecclestone, however, has since come to the aid of the organisers and has helped them pay off a number of their debts.
That, in turn, has resulted in the signing of a 15-year contract that will begin from next year, with the race in June to follow Canada, as was originally planned for this year until cancelled.
Speaking to Press Association Sport, GPA executive chairman and race promoter Leo Hindery Jnr said: "The Grand Prix of America at Port Imperial has been a dream of many in the sport for over a decade.
"We had hoped to be ready to race in June 2013, but by late last fall (autumn) it was clear we would not have in place in time the long-term capital structure needed to satisfy Formula One of our readiness.
"Thanks to the patient, invaluable support of Bernie Ecclestone and FOM (Formula One Management) we now have the long-term sanctioning agreement needed to go racing for years to come, starting in June 2014."