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Current company New Jersey Redevelopment Authority
Government Administration · 17 employees · Founded 1996 · Trenton, New Jersey, United States
The New Jersey Redevelopment Authority (NJRA) is a multi-million dollar independent financing authority created by the state of New Jersey via the New Jersey Redevelopment Act in July 1996 to transform urban communities through direct investment and technical support.
The New Jersey Redevelopment Act provided the state’s urban centers with opportunities to build effective public/private partnerships in order to leverage funds for entrepreneurial growth, job creation, and to enhance community empowerment. It allowed NJRA to pioneer a coordinated approach to facilitating needed urban redevelopment projects in economically disadvantaged neighborhoods.
The work that the New Jersey Redevelopment Authority does is particularly necessary because of the complex challenges that projects in urban communities face in securing financing and resources. NJRA is often the first significant investor in these areas, and through the partnerships forged with key stakeholders their investment serves as a catalyst for private investment.
NJRA created the Redevelopment Training Institute (RTI) in 2006 and it offers a multitude of intensive workshops in the areas of project finance, tax abatements, redevelopment planning law, tax credits, CDBG and Home Funds, and more.
NJRA-RTI provides valued technical assistance and support that builds community capacity by strengthening neighborhood cultures. This attracts and maintains development opportunities to sustain neighborhoods. Our training programs prepare community development organizations and nonprofits focused on urban revitalization to carry out economic development initiatives.
In keeping with NJRA’s creative community investment strategy, RTI has provides the Comprehensive Real Estate Development Class and Tour (CRED) where participants use case studies to learn the fundamentals of real estate development using real development projects as a backdrop for the concepts, applications, and discussions focused on redevelopment.