Red Jersey

The Star-Ledger is reporting that the Economic Development Authority has agreed to have New Jersey take on an additional $150 million in debt to fund special needs housing.

The new loan will be repaid by motor vehicle fines paid by scofflaw drivers over the next 31 years.

It is the final installment of a $200 million plan lawmakers approved in 2005 to borrow against future motor vehicle fine revenues to develop apartments, condominiums and houses for individuals with special needs....

Besides raising $150 million in new funds, the state plans to issue another $425 million in bonds to refinance portions of an earlier set of motor vehicle revenue bonds that were issued to balance the state budget three years ago.