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Loan program should aid re-development in NJ.

Efforts to revitalize Newark's neighborhoods will soon benefit from a new, $10 million revolving loan program, Gov. James E. McGreevey announced.

The loan fund is possible because of $10 million the New Jersey Redevelopment Authority (NJRA) received from the Port Authority of New York and New Jersey, for commercial redevelopment in Newark. The NJRA calculates the $10 million investment should attract $150 million in private investments for Newark. As a revolving loan, the $10 million fund will help Newark's neighborhoods for years to come.

"We are investing in neighborhoods that were forgotten for too long. That's one of the secrets of New Jersey's economic success," MeGreevey said. "We're creating new opportunities through the redevelopment of the Xanadu project in the Meadowlands; the rebirth of Camden; and here, in the economic revitalization of Newark."

The Governor made his announcement at Newark City Hall. Mayor Sharpe James joined him, along with State Department of Community Affairs Director Susan Bass Levin, and Chairman Anthony R. Coscia of the Port Authority Board of Directors.

"This new fund will bring economic opportunities and leverage more private dollars into Newark, a city with great potential," the Governor said.

"We are delighted to accept this $10 million loan fund from the Port Authority of New York and New Jersey, which will help continue the revitalization of Newark's commercial sector," Mayor James said. "This loan will enable us to speed up redevelopment projects in all of our city's neighborhoods, and bring jobs, opportunities, and prosperity to all of our residents."

The NJRA is an independent authority whose mission is to provide approaches to revitalization and improving the quality of life in New Jersey's cities. The NJRA will create a subsidiary body, Working in Newark Neighborhoods, to oversee the revolving loan program. WINN should be up and running, and loans should be available, in May.

Non-profits, developers, and the City would be eligible to apply for loans for specific projects.
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Title Annotation:New Jersey
Publication:Real Estate Weekly
Geographic Code:1U2NJ
Date:Apr 7, 2004
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