The NJUSA Program is a revolving loan fund that facilitates the acquisition, site preparation and redevelopment of properties, which are components of an urban redevelopment plan in NJRA eligible communities. NJUSA serves as a catalyst to jump start urban revitalization efforts. The Program provides for-profit and nonprofit developers, and units of government with a form of bridge financing to acquire title to property and for other acquisition related costs.
The NJRA has the responsibility of managing the $20 million working capital component of the NJUSA Program. The Program also provides financing for planning and predevelopment costs associated with the development of a neighborhood or redevelopment plan.
Several Urban Site Acquisition projects, including Woodbury Mews Senior Campus in Woodbury, NJ and Pier Village in Long Branch, have been highlighted in the New York Times. Part of the strength of the Urban Site Acquisition Program is in the NJRA's collaboration with other state financing agencies to identify projects that will benefit the community and best leverage the state's resources.
If you have a project that you are interested in developing through the NJUSA Program, please provide the specified items in the NJRA Funding Assessment Guidelines.