Resources

Internet Address: www.state.nj.us/njra

MISSION STATEMENT

The goal of the New Jersey Redevelopment Authority is to invest in neighborhood redevelopment projects that will revitalize communities within 68 eligible municipalities in our enabling legislation. The NJRA's primary interest is to ensure that projects developed are urban-focused, neighborhood-based and investment-driven.

SUMMARY OF NJRA:

BACKGROUND

The New Jersey Redevelopment Act created the New Jersey Redevelopment Authority (NJRA) to spearhead the economic development efforts in New Jersey's urban communities. The NJRA focuses on investing in neighborhood-based redevelopment projects.

The Authority offers technical assistance, low and no interest loans, equity investments and loan guarantees.

In addition, the NJRA partners with community-based organizations, developers and businesses to leverage its resources to formulate urban redevelopment projects to increase economic opportunities in 68 eligible municipalities (listed in Introductions).

Funding for the Authority is derived from an initial appropriation of $9 million provided by the New Jersey Urban Redevelopment Act. Subsequent legislative appropriations of $25 and $20 million with NJUSA Program and BRI Program have augmented this original appropriation. The Act also allows the NJRA to issue up to $100 million in bonds annually for project financing. The NJRA works with the Urban Coordinating Council, individual cities, members of designated neighborhoods, as well as with other agencies to help eligible communities develop strategic programs to revitalize their neighborhoods.

COMPREHENSIVE URBAN REDEVELOPMENT

In March 1998, the services of the former Office of Neighborhood Empowerment were consolidated with the NJRA resulting in the strengthening of the State's commitment to urban New Jersey. In our new capacity, we work more effectively to address the needs of urban New Jersey. This reorganization improves and enhances the coordination of the State's efforts in redevelopment activities.

INITIATIVES:

NEW JERSEY URBAN SITE ACQUISITION PROGRAM (NJUSA)

The New Jersey Urban Site Acquisition Program (NJUSA), managed by the NJRA, allows communities to acquire vacant and abandoned properties that serve as obstacles to revitalization efforts. The NJRA assists local governments - working with non-profits and other private organizations - to facilitate the acquisition, site assembly, and redevelopment of properties that are part of urban redevelopment plans. This program is funded by an initial appropriation of $25 million in working capital and $400 million in economic development and housing bond financing. The program will also identify state and other funding sources for site preparation, construction and other aspects of redevelopment.

BROWNFIELDS REDEVELOPMENT INITIATIVE (BRI)

The Brownfields Redevelopment Initiative (BRI), a component of the State's Fiscal Year 2001 Budget, is an extension of the New Jersey Urban Site Acquisition Program (NJUSA). This program has funded $15 million in grants to urban municipalities that wish to acquire and remediate contaminated properties returning them to productive use.

The funds have been awarded to projects in the New Jersey Redevelopment Authority's 68 eligible municipalities, which include Urban Coordinating Council (UCC) neighborhoods that have adopted a redevelopment plan and have an interested developer. These grants will enable municipalities to clean up and assemble sites that stand in the way of redevelopment plans in which there is no realistic prospect of attracting a private developer to revitalize the site without the assistance.

TAXABLE AND TAX-EXEMPT BONDS

The NJRA has the ability to issue $100 million of taxable and tax-exempt bonds annually to stimulate revitalization in New Jersey's urban areas. The NJRA can also issue bonds which are repayable from the proceeds of payments in lieu of tax ("pilot") agreements.