FOR IMMEDIATE RELEASE
NJCC Receives Foreclosure Mitigation Program-Related Investment from the Annie E. Casey Foundation
(New Brunswick, NJ) November 28, 2012 – New Jersey Community Capital (NJCC) recently closed a seven-year, $2 million Program-Related Investment (PRI) from the Annie E. Casey Foundation, with $1.5 million going toward capitalizing its Neighborhood Prosperity Fund (NPF) and $500,000 going to the Community Asset Preservation Corporation (CAPC) for property acquisition. NJCC is proud to partner with the Casey Foundation on these foreclosure mitigation strategies, which will help preserve at-risk neighborhoods across New Jersey. These strategies will also serve as important models of effective tools for the revitalization of underserved communities suffering from abandoned and vacant properties.
The Casey Foundation investment is a catalyst for NPF, an innovative new funding pool established by NJCC to provide more flexible, accessible capital to community developers who are collaborating to implement neighborhood preservation strategies throughout New Jersey. The Foundation’s support will also help to increase CAPC’s capacity to acquire discounted pools of nonperforming mortgages or bank-owned, foreclosed residential properties and to employ its innovative and multifaceted disposition strategy to place these units back into equitable and productive use in vulnerable neighborhoods across New Jersey.
“The Annie E. Casey Foundation is committed to helping disadvantaged children and families lead better lives which includes mitigating the harmful, concentrated impact of foreclosures on vulnerable populations,” said Tracy Kartye, the Foundation’s Associate Director of Social Investments. “New Jersey Community Capital’s CAPC and NPF initiatives are promising scalable solutions for deploying financial capital to promote neighborhood stabilization by returning foreclosed properties to productive use. We are also excited to partner with NJCC as the organization develops a new impact reporting system, enhancing its ability to accurately measure outputs along with select outcomes.”
“This investment is a significant reinforcement to our work,” said Wayne Meyer, President of New Jersey Community Capital. “Investing in stable homes for families in need is one of the most important things we can do to change outcomes for disadvantaged children and reduce social inequality. Without the support of the Casey Foundation, it would be a far greater challenge for us to implement our solutions to meeting this need.”
About the Annie E. Casey Foundation
The Annie E. Casey Foundation is a private, national philanthropy that creates better futures for the nation’s children by strengthening families, building economic opportunities, and transforming neighborhoods into safer and healthier places to live, work, and grow. For more information about the Foundation, visit www.aecf.org.
About New Jersey Community Capital
NJCC is a nonprofit community development lender that transforms at-risk communities through strategic investments of capital and knowledge. NJCC 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 in these communities.