What the Redevelopment Authority Can Do For You

Financing Powers

The Redevelopment Authority assembles and administers below market rate financing packages to make redevelopment and reuse projects economically viable.  The Authority:

1.    Identifies and applies for federal, state and county loan and grant funds applicable to the redevelopment project;

2.    Provides grants and low interest loans for environmental assessments and remediation using its Brownfields Program;

3.    Issues tax-exempt bonds for capital projects of non-profit organizations and for lower income housing developments;

4.    Issues and administers Tax Increment Financing whereby some or all of the new tax revenues created by the redevelopment project are designated to repay the tax increment loan used to finance a portion of the project.

Real Estate

The Redevelopment Authority has special powers to purchase, sell, lease or dispose of real estate.  It can purchase property for private redevelopment.  If granted authority by the County and local municipality, it can acquire redevelopment properties through eminent domain.  It can sell acquired properties on such terms and conditions as it deems appropriate for purposes of redevelopment.

Housing

The Redevelopment Authority has broad powers to work in the field of housing.

1.    Under the Vacant Property provision of the State Redevelopment Law, the Authority can use eminent domain to acquire blighted, vacant houses if the property owner does not cure cited municipality code violations.  Once acquired, the Redevelopment Authority can resell the property after the code violations have been corrected or the property has been demolished.

2.    The Authority can issue tax exempt bonds for the development of certain types of new or rehabilitated housing.