Defaulters need not reapply, Redevelopment Authority says

TRENTON – The N.J. Redevelopment Authority unanimously passed a resolution today that sets up a firm policy that the authority “will not consider” any new loan applications for borrowers who defaulted on previous loans approved by the authority.

Authority head Lori Grifa said that while this is not a reflection of how the Redevelopment Authority operates, a formal policy is needed to address such issues concerning borrowers who defaulted.

“There’s no formal way of dealing with that,” she said prior to the vote.

The resolution states that the policy would “ensure the quality and long term viability of new financings.”

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N.J. Redevelopment Authority assists mixed-use project in New Brunswick

  Defaulters need not reapply, Redevelopment Authority says