Urban Redevelopment

“The original federal renewal legislation in 1949 provided for locally operated redevelopment authorities (public agencies) to acquire land using powers of eminent domain and then to sell the land at a reduced price to private corporations for development.”Following the Regan administration the use of public-private partnerships changed:“Private for-profit and not-for profit corporations began to negotiate partnerships undertaking economic development and affordable housing rehabilitation and construction projects in exchange for tax incentives, subsidies, or future profits.”