"We are investing in neighborhoods that were forgotten for too long," Gov. James McGreevey said yesterday in announcing the program. "This new fund will bring economic opportunities and leverage more private dollars into Newark."
"This loan fund will enable us to speed up redevelopment projects in all of our city's neighborhoods," Mayor Sharpe James added.
The NJRA will create a subsidiary body, Working in Newark Neighborhoods, to oversee the program. Officials say WINN will be up and running, and loans will be available, next month.
Developers, non-profits and the City of Newark itself are eligible to apply for loans for specific projects. Eligible projects include the construction and renovation of retail and office space, and community facilities for cultural, recreational and health purposes.
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