The New Jersey Redevelopment Authority (NJRA) was created legislatively, through the New Jersey Urban Redevelopment Act in July 1996. (
P.L. Chapter 62
) The Act provides the State's urban centers with opportunities to create functional public/private partnerships, to leverage funds for entrepreneurial growth and job creation, and to enhance community empowerment. This Act is intended to provide a coordinated state response to revitalizing New Jersey's most distressed urban neighborhoods.
The NJRA became fully operational in March 1997. The NJRA is an independent authority allocated to the
New Jersey Department of Community Affairs (DCA)
. The Authority functions with the following divisions: Business Development, Strategic Partnerships, Programs and Services, Operations and Lending Services.
The Authority's Board consists of 21 members (10 specified ex-officio cabinet members, 7 specified appointees of the Governor, 2 appointees of the Senate President and 2 appointees of the Assembly Speaker). The Commissioner of the Department of Community Affairs serves as the Chairman of the Authority.