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.
Because of the nature of these challenges, 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.