Economic Recovery Board
ERB Maps
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Employment Opportunity Areas
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Housing Markets
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Neighborhood Opportunities
The Municipal Rehabilitation & Economic Recovery Act
The “Municipal Rehabilitation and Economy Recovery Act” was enacted in July 2002, creating the Economic Recovery Board (ERB) and authorizing the New Jersey Economic Development Authority (EDA) to sell $175 million in bonds to fund revitalization projects in Camden.
As part of a comprehensive redevelopment strategy to help Camden achieve economic growth and self-sufficiency, the Act created four separate categories of funds for revitalization projects.
The Funding Allocations that comprise the $175 million authorization include:
- Residential Neighborhood Improvement Fund $35 million
- Demolition and Redevelopment Financing Fund $43 million
- Downtown Revitalization and Recovery Fund $45.8 million
- Higher Education and Regional Health Care Development Fund $47.7 million
- Economic Recovery Planning Fund $3.5 million
To date, over 60 projects have been approved, including the commitment of $150 million in Economic Recovery Board grants, recoverable grants and loans resulting in a total investment of over $554 million.
These investments will support an estimated 1000 new, full-time jobs in the City of Camden.
Combined assistance of $224 million from the New Jersey Department of Community Affairs (DCA), the New Jersey Housing and Mortgage Finance Agency (NJHMFA) and the ERB has resulted in the construction of 2,517 housing units throughout the City.
Projects assisted by the ERB include:
- Boys & Girls Club of Camden County/Catto Elementary Demonstration School
- Cramer Hill Street Scape Project
- Nueva Vida Homes
- Camden Home Improvement Program – CHIP
- Waterfront Technology Center at Camden
- Cathedral Soup Kitchen
- The Salvation Army - Kroc Center
- Our Lady of Lourdes Hospital Expansion
- The New Jersey Aquarium Expansion and Renovation Project
For more information on these projects and other ERB activity, please visit www.camdenerb.com. |
