The Urban Fund
The Urban Fund seeks to stimulate investment in urban communities by providing businesses and community development organizations with the financial and technical tools they need to grow and revitalize neighborhoods. The New Jersey Urban Fund was launched in October, 2006 as the centerpiece of the Governor's Economic Growth Strategy urban revitalization action plan. The Fund was initiated with a capital commitment of $185 million from the state to be leveraged with investments from private sources expected to generate $555 million in total investment in New Jersey. To date, $185.5 million has been deployed by the state, representing more than 100% of the $185 million commitment of funds. In addition, $438 million in total project costs has been leveraged by Urban Fund investments. While Urban Fund resources have been directed primarily to businesses served by the New Jersey Economic Development Authority, the Fund complements the urban activities of state agency partners such as the Department of Community Affairs, New Jersey Housing Mortgage Finance Agency and the New Jersey Redevelopment Authority. Urban Fund assistance has helped to retain 3,050 current jobs and the estimated creation of over 4,020 new jobs.
