NEW BRUNSWICK, NJ – On Tuesday, the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund announced Community Loan Fund of New Jersey, Inc.–the core loan fund of New Jersey Community Capital (NJCC)–as a recipient of a $2 million Financial Assistance (FA) Award, the maximum award in 2014. NJCC is one of just 12 CDFIs to receive a maximum FA Award from the CDFI Fund in each of the last five years.
NJCC will use its 2014 FA Award to increase its lending for the development of housing, small businesses, and community facilities in underserved areas of New Jersey. In particular, NJCC will broaden its long-term financing for affordable rental housing, a critical and growing need among low-income families in the state.
“The ongoing support of the CDFI Fund is both an endorsement and an enhancement of the indispensable capital that NJCC offers to community-driven businesses and organizations,” said Wayne Meyer, President of NJCC. “The award will help us invest in quality-of-life improvements for hundreds of New Jersey families.”
Nationally, the CDFI Fund provided FA Awards to 152 CDFIs at a total of over $160 million. These awards allow CDFIs to grow, achieve organizational sustainability, and contribute to the revitalization of their communities. Since 1994, the CDFI Fund has provided more than $1.4 billion in total assistance.
About New Jersey Community Capital (NJCC):
NJCC is a 26-year-old nonprofit community development financial institution (CDFI) that provides innovative financing and technical assistance to critical community development efforts that strengthen neighborhoods and support low-and-moderate income populations. Since inception, NJCC has invested $300 million in over 700 projects resulting in the creation or preservation of 11,400 education seats, 8,100 housing units, 6,100 early care spaces, and 5,800 jobs. For more information, please visit www.newjerseycommunitycapital.org.