PRESIDENT’S VIEW
Transforming Neighborhoods BY JEFFREY JONES
W
hen New Jersey Realtors® moved its headquarters
been detrimentally impacted. Trenton also has some
to Trenton, we set out with the goal to help revive
of the highest foreclosure rates in the entire country,
New Jersey’s capital. What was once a bustling industrial
which, combined with poor market conditions and low
city is now suffering from an abundance of distressed
homeownership rates, results in Trenton’s historic inventory
residential and commercial properties.
of abandoned properties. Through proper data utilization, issue areas can be identified, and policies can be enacted to
With help of the National Association of Realtors
combat them.
®
Transforming Neighborhoods Grant, New Jersey Realtors
®
is funding a technical assessment of the housing system in
The grant will also fund educational sessions to teach the
Trenton in conjunction with the Center for Community
community and the city different strategies to manage
Progress. The organization is a leading national nonprofit
revitalization efforts.
resource for urban, suburban, and rural communities seeking to address the full cycle of property revitalization.
Resident-led organizations are key to making change and
This assessment will identify underlying reasons abandoned
New Jersey Realtors® plans to engage and take them as
or neglected properties are on the rise. Once identified,
partners in the next steps to strengthen the city. These
this assessment will provide a better understanding of what
organizations can help obtain real, accurate information
tools and opportunities exist to build a broad coalition of
on what residents are currently experiencing regarding the
stakeholders that incorporates key community members
housing crisis and offer practical solutions.
who can help boost the city forward. It’s all about community-driven progress and New Jersey Currently, Trenton has more than 5,000 vacant properties, which make up nearly 20 percent of all properties in the city. Additionally, Trenton continues to have one of the highest local property tax levies in the state, due to high volume of tax-exempt properties, such as federal and county courthouses, hospitals, and churches. Because of this, residential and commercial redevelopment has
6 | NEW JERSEY REALTOR® | September/October 2021
Realtors® is excited to be a part of that community.
