Dec. 10, 2014 – New Brunswick, N.J. – New Jersey Community Capital (NJCC) was recently awarded a $100,000 affordable housing grant through the TD Charitable Foundation’s Housing for Everyone grant competition. The grant will be used to fund the ReSeed Newark initiative.
For the past three years, NJCC and its real estate subsidiary, Community Asset Preservation Corporation (CAPC), have worked with the City of Newark to address the negative impacts of over 1,000 abandoned and blighted properties in the city. Through its ReSeed Newark initiative, CAPC is partnering with local non-profit housing developers and Newark-based general contractors to purchase properties from the City and return them to active use as affordable for-sale and rental housing. These redeveloped properties will act as anchors for revitalization by stabilizing blocks hit hardest by foreclosure and abandonment and enticing additional investment into the neighborhoods.
ReSeed Newark’s investment in local neighborhoods will extend beyond the expansion of affordable housing units by creating jobs and entrepreneurship opportunities for Newark residents and providing training and technical assistance for local small-scale contractors. NJCC and CAPC are committed to continually hiring local residents and contractors in the rehabilitation of these units, helping to build capacity throughout the construction industry in Newark. Each property rehabilitated will produce five to eight construction jobs or approximately 1,000 jobs over the course of the project with an estimated 75% going to Newark residents.
“Housing is the bedrock of thriving communities. By tackling abandonment and blight at a meaningful scale, ReSeed Newark will transform entire blocks into safer and more vibrant neighborhoods,” said Wayne Meyer, President of New Jersey Community Capital. “Further, ReSeed Newark will create hundreds of affordable housing units, ensuring that diverse, mixed-income communities continue to flourish across New Jersey.”
This year’s “Housing for Everyone” theme was Housing for the Future, which will encourage the creation or preservation of rental housing units for families with children.
The Housing for Everyone grant competition is one of the TD Charitable Foundation’s most widely known signature programs. The competition invites local non-profit organizations from Maine to Florida to submit proposals outlining their plans and initiatives to support and provide affordable housing initiatives in their communities. Twenty-five organizations throughout TD Bank’s footprint from Maine to Florida were awarded a $100,000 grant for a total grant donation of $2.5 million in 2014.
About New Jersey Community Capital (NJCC)
NJCC is a 26-year-old nonprofit 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 $436 million in projects across New Jersey, resulting in the creation or preservation of 12,900 education seats, 8,100 housing units, 6,200 early care spaces, and 5,800 jobs. For more information, please visit www.newjerseycommunitycapital.org.
About the TD Charitable Foundation
The TD Charitable Foundation is the charitable giving arm of TD Bank N.A., which operates as TD Bank, America’s Most Convenient Bank®, and is one of the 10 largest commercial banking organizations in the United States. The Foundation’s mission is to serve the individuals, families and businesses in all the communities where TD Bank operates, having made more than $131 million in charitable donations since its inception in 2002. The Foundation’s areas of focus are affordable housing, financial literacy and education, and the environment. More information on the TD Charitable Foundation, including an online grant application, is available at www.TDBank.com.
About TD Bank, America’s Most Convenient Bank®
TD Bank, America’s Most Convenient Bank, is one of the 10 largest banks in the U.S., providing more than 8 million customers with a full range of retail, small business and commercial banking products and services at approximately 1,300 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer customized private banking and wealth management services through TD Wealth®, and vehicle financing and dealer commercial services through TD Auto Finance. TD Bank is headquartered in Cherry Hill, N.J. To learn more, visit www.tdbank.com. Find TD Bank on Facebook at www.facebook.com/TDBank and on Twitter at www.twitter.com/TDBank_US.
TD Bank, America’s Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol “TD”. To learn more, visit www.td.com.