The bill amends several sections of P.L.1987, c.58 (C.52:9Q-9 et seq.) to enhance the powers and functions of the corporation responsible for redevelopment in New Jersey. Key amendments include the addition of new powers such as the ability to directly issue loans and grants to projects within the district (insertion of section y), and to act as a municipal redevelopment entity or redeveloper under the "Local Redevelopment and Housing Law" (insertion of section x). The bill also clarifies the corporation's authority to charge fees for its services and to enter into partnerships with private developers and public entities for community redevelopment.

Additionally, the bill establishes a nonlapsing, revolving fund known as the Capital City Redevelopment Loan and Grant Fund, which will be used exclusively for the corporation's redevelopment purposes (insertion of section 11). The fund will include appropriated monies, repayments from loan agreements, and earnings from investments. The corporation is tasked with using this fund to finance projects that align with its redevelopment goals, ensuring that the financing terms are attractive enough to encourage private participation. The act is set to take effect immediately upon approval.

Statutes affected:
Introduced: 52:9Q-13, 52:9Q-20
Advance Law: 52:9Q-13, 52:9Q-19, 52:9Q-20
Pamphlet Law: 52:9Q-13, 52:9Q-19, 52:9Q-20