New Brunswick, NJ (February 14, 2018)—The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) awarded New Jersey Community Capital (NJCC) a $40 million New Markets Tax Credits (NMTCs) allocation to fund transformative economic development projects, which will generate jobs in distressed neighborhoods across the state of New Jersey. NJCC is the only New Jersey-based organization to receive an allocation and will deploy 100% of its award within the state.
NMTCs are designed to spark investment and economic growth in underserved communities. NJCC has developed a pipeline of projects that it will now seek to finance through its NMTC award and the private capital the award will leverage. Potential projects include education facilities, health care centers, community centers, and mixed-use real estate projects. NJCC’s pipeline targets areas of Essex, Hudson, Mercer, Passaic, as well as South Jersey.
“NMTCs are crucial for NJCC’s mission to create thriving neighborhoods, helping us to attract private investments into projects that would otherwise not be feasible,” said NJCC President Wayne T. Meyer. “This allocation will allow us to expand our impact by serving additional low-income communities and grow access to healthy food options in these communities while creating living wage jobs for residents.”
Including this award, NJCC has received $215 million in NMTCs, which leveraged an additional $650 million of investment in the communities served. Since 2003, NJCC has deployed $146 million in NMTCs to 25 projects, creating 5,450 jobs and providing community services for the 23,850 low-income community residents. Examples of NJCC’s funded NMTC projects include the expansion of Accurate Box, a woman-owned, family-run manufacturing business in Paterson; the redevelopment of the historic Hahne’s Department Store building to house a Whole Foods in downtown Newark; a new community facility for the Boys and Girls Club of Mercer County; and the Millville Arts and Business Innovation Center in Millville, New Jersey.
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 9,700 housing units, 7,300 early care slots, 16,500 education seats, and 9,600 jobs. For more information, visit: www.newjerseycommunitycapital.org.