New Brunswick, NJ (September 15, 2015) – 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 $1.65 million Financial Assistance (FA) Award.
NJCC will use its 2015 FA Award to increase its lending for the development of housing, small businesses, arts-based projects, and community facilities in underserved areas of New Jersey. In particular, NJCC will expand its reach to new geographic markets in New Jersey to offer more substantial loans in the housing and commercial sectors.
“The ongoing support of the CDFI Fund is vital for the enhancement of the indispensable capital that NJCC offers to community-driven businesses and organizations as we expand our lending to new borrowers and regions of the state,” said Wayne Meyer, President of NJCC. “The award will help us continue to invest in essential quality-of-life improvements for hundreds of New Jersey families and their communities.”
Nationally, the CDFI Fund provided FA Awards to 123 CDFIs at a total of over $156.8 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 $1.5 billion in total assistance.
About New Jersey Community Capital (NJCC)
NJCC is a nonprofit community development financial institution (CDFI) 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 low-income populations. Since inception, NJCC has facilitated the investment of over $500 million into 800 high-impact projects across the state, supporting the creation and preservation of 12,900 education seats, 8,200 housing units, 6,100 early care slots, and 6,100 jobs. For more information, please visit www.newjerseycommunitycapital.org.