TRENTON, NJ — July 20, 2011 — The U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund announced on Monday that it will award New Jersey Community Capital (NJCC) $1.5 million in financial assistance to foster revitalization in New Jersey’s underserved communities. The Community Loan Fund of New Jersey, Inc. — NJCC’s first and largest loan fund — was among 155 CDFIs selected for funding, and was one of three New Jersey organizations to receive an award. 2011 marks the fourth consecutive year in which NJCC has received critical funding from the CDFI Fund.
NJCC plans to use these resources to sustain and enhance its substantial efforts to revitalize the distressed urban communities of Essex and Hudson counties. NJCC’s target areas are among the most impoverished in the state, and have been among those most damaged by foreclosures. NJCC’s efforts will include financing and strategically advancing the redevelopment of 600 units of affordable housing. NJCC also will initiate the development of critical community facilities, support economic growth through business investment, and leverage $7.5 million in additional investments to help guide these communities towards economic stability.
NJCC believes it can improve the quality of life in its target communities in significant and sustainable ways through a holistic approach to community development, an active facilitation of strategic partnerships, and the constant leveraging of affordable and flexible resources. “The progress we have made in the last two years alone is remarkable,” says Wayne Meyer, President of NJCC. “The support of the CDFI Fund validates these efforts, but more importantly, it further enhances our ability to achieve truly groundbreaking approaches to community wellness and to improve the lives of thousands of low-income residents in the process.”
In the 2011 funding cycle, the CDFI Fund awarded over $142 million in 40 states, its largest round of funding to date. Since 1994, the Fund has been a primary source of capital for CDFIs such as NJCC, providing over $1 billion in investments that serve distressed communities across the country. “NJCC was proud to advocate for the $227 million budget appropriation for the CDFI Fund this year,” Mr. Meyer said. “We are perpetually aware of how essential the Fund is to the achievement of social equity that NJCC and other CDFIs strive to create every day.”
About New Jersey Community Capital:
Based in Trenton, New Jersey Community Capital is a 501(c)3 nonprofit, mission-driven lender that works to transform at-risk communities through strategic investments of capital and knowledge. The organization invests in affordable housing, community facilities, and economic development ventures that strengthen neighborhoods, improve education, and increase jobs — ultimately providing greater opportunities for the low-income residents of these communities. At the same time, it enables investors, financial institutions, and grantors to meet their social investment goals.
New Jersey Community Capital is the trade name utilized by Community Loan Fund of New Jersey, Inc. and its affiliates for its financial and consulting products and services. The Community Loan Fund of New Jersey, Inc. is a Community Development Financial Institution (CDFI) certified by the U.S. Department of the Treasury, and is the only CDFI serving the entire State of New Jersey.
Since its founding in 1987, New Jersey Community Capital has made more than 730 loans totaling nearly $310 million, helping to house, educate, train, and employ thousands of New Jerseyans. For more information, visit: http://newjerseycommunitycapital.org.
# # #