New Brunswick, NJ (October 27, 2017) – The U.S. Department of Treasury’s CDFI Fund has awarded New Jersey Community Capital (NJCC) $776,000 in grant funding to support increased lending activity, and to expand into new investment areas. NJCC is one of two New Jersey-based CDFIs to receive an FA award this year.
NJCC will use this award to ramp up lending for the development of affordable housing, community facilities, commercial real estate, and small businesses, and to expand into new investment markets. These funds will be used to increase lending in central and southern New Jersey, and nonurban areas to fill gaps in NJCC coverage areas, specifically Atlantic and Cumberland counties and East Trenton.
“The continued support from CDFI Fund has been vital to the success and expansion of NJCC’s community-driven initiatives,” said Wayne T. Meyer, President of NJCC. “This award will help us expand our programs and provide services to targeted communities in New Jersey.”
The CDFI Fund awarded $171.1 million in FY2017 Financial Assistance and Technical Assistance to 265 organizations in 46 states. Since 1994, the CDFI Fund has provided over $1.8 billion in total assistance. In the last ten years, the CDFI Fund has awarded NJCC with $19.1 million in funding.
About New Jersey Community Capital
New Jersey Community Capital is a nonprofit community development financial institution (CDFI) that provides innovative financing and technical assistance to support the preservation and development of affordable housing and sustainable community development ventures that increase jobs, improve education, and strengthen neighborhoods. Founded in 1987, NJCC has invested over $630 million in New Jersey communities, resulting in over 8,800 housing units, 7,300 early care slots, 16,500 education seats, and 9,600 jobs. For more information, visit: www.newjerseycommunitycapital.org.