All Roll Calls
Yes: 80 • No: 39
New JerseyA5546220th Legislature (2024-2025)HouseWALLET
Concerns financial powers and responsibilities of Capital City Redevelopment Corporation.*
Sponsored By: Verlina Reynolds-Jackson (Democratic), Shirley K. Turner (Democratic), Anthony S. Verrelli (Democratic)
Signed by Governor
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Bill Overview
Analyzed Economic Effects
4 provisions identified: 2 benefits, 1 costs, 1 mixed.
New loans and grants for district projects
Since July 22, 2025, the Capital City Redevelopment Corporation can offer loans and grants for Capital City District projects. Projects must meet the redevelopment law and the plan’s goals, objectives, and priorities. A revolving fund keeps unused money and can receive state appropriations, loan repayments, and investment earnings. Loan amounts and terms must support project feasibility and recover costs where compatible; interest must be low enough below market rates to attract private participation. The law sets no loan or grant amounts and provides no direct household payments.
Redevelopment corporation gains new borrowing powers
Since July 22, 2025, the Capital City Redevelopment Corporation can borrow money and issue bonds, notes, and other debt. Repayment of principal, interest, and any early-repayment premium cannot depend on a pledge of an annual appropriation. Corporation members and people signing the debt are not personally liable simply because they issue it. The law sets no borrowing amount and creates no direct household borrowing obligation.
New fee authority for redevelopment projects
Since July 22, 2025, the Capital City Redevelopment Corporation can charge local governments, the State, and others for project activities. Fees can cover administrative, organizational, insurance, operating, and other project costs. Charges must relate to the corporation’s work on projects. The law sets no fee amounts or direct household charge.
More redevelopment partnerships with possible fees
Since July 22, 2025, the Capital City Redevelopment Corporation can form partnerships and joint ventures for community redevelopment. Partners can include private developers, the New Jersey Economic Development Authority, and other public entities. The corporation can also set fees for these partnerships. It can act as a municipal redevelopment entity or redeveloper, using powers under New Jersey’s Local Redevelopment and Housing Law. These provisions set no fee amounts, funding amounts, or direct household payments.
Sponsors & Cosponsors
Sponsors
Verlina Reynolds-Jackson
Democratic • House
Shirley K. Turner
Democratic • Senate
Anthony S. Verrelli
Democratic • House
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
House vote • 6/30/2025
3RDG FINAL PASSAGE
Yes: 55 • No: 25
Senate vote • 6/30/2025
3RDG FINAL PASSAGE
Yes: 25 • No: 14
Actions Timeline
Approved by Governor — P.L.2025, c.114.
7/22/2025GovernorPassed Senate, PBH — (25-14)
6/30/2025SenateSubstituted for S4388 (1R)
6/30/2025SenateReceived in Senate, SWR, 2nd Reading in Senate
6/30/2025SenatePassed Assembly — (55-25-0)
6/30/2025HouseREP/ACA, 2nd Reading in Assembly
6/19/2025HouseRCM Assembly Appropriations Committee
6/19/2025HouseReported, 2nd Reading in Assembly
6/16/2025HouseTRANS Assembly State and Local Government Committee
6/16/2025HouseIntroduced, 1st Reading in Assembly, Referred to Assembly Community Development and Women's Affairs Committee
4/10/2025House
Bill Text
Version PL2025
9/15/2025
Version AL2025
8/25/2025
Assembly Appropriations (6/19/25 1R)
7/1/2025
6/27/25; 1R
6/27/2025
Assembly Appropriations Substitute (6/19/25)
6/19/2025
Assembly State and Local Government Substitute (6/16/25)
6/17/2025
As Introduced
5/23/2025
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