The Capital City Redevelopment Corporation (CCRC) has announced the launch of the Trenton Revitalization Investment Fund (T-RIF), which will provide up to $1.7 million for the rehabilitation of vacant buildings in downtown Trenton’s Capital City District.
The T-RIF is designed to encourage public and private investment in under-utilized properties that may serve mixed residential, commercial, or retail purposes, as well as projects that are exclusively commercial. CCRC intends to use these funds to take an equity stake in redevelopment projects within the district.
According to the announcement, each funded project will involve forming a new business entity between CCRC and the project’s proposer, with the proposer acting as managing member. CCRC may invest up to $600,000 per project, while private partners must contribute at least $200,000 in equity.
By investing directly in these redevelopment efforts, CCRC aims “to increase the residential population of the Capital City District, increase demand for local businesses, increase the city’s tax base, and activate vacant buildings.”
A Notice of Investment Opportunity detailing application procedures and evaluation criteria is available on the CCRC website. Proposals will be accepted on a rolling basis. Questions about participation can be sent by email to CCRC@treas.nj.gov.
CCRC describes its mission as promoting both public and private development in order “to enhance the vitality of the district as a place of commerce, recreation, and culture.” The organization also works on preserving historic sites and supporting new facilities for public use.
The New Jersey Business and Industry Association represents employers across sectors such as manufacturing, retail, wholesale, contracting, and services throughout New Jersey. It serves as a statewide employer association headquartered at 10 West Lafayette Street in Trenton. The association provides advocacy and information for its members and supports partnerships among businesses and government entities. More information about NJBIA can be found at https://njbia.org/.
