For Immediate Release
June 13, 2018
Contact: Jake Oliver, email@example.com
$7 Million Loan to New Jersey Community Capital’s Community Asset Preservation Corporation to Rehabilitate Abandoned and Foreclosed Homes in New Jersey
Bethesda, MD, June 13, 2018 — Community Housing Capital (CHC), a national Community Development Financial Institution that provides Interim Development and Permanent Multifamily loans to NeighborWorks® organizations nationwide, and Calvert Impact Capital (formerly Calvert Foundation), the mission driven investor dedicated to creating a more equitable and sustainable world, announced today the closing of a $7 million investment led by CHC to New Jersey Community Capital’s (NJCC) Community Asset Preservation Corporation (CAPC) that will support the acquisition and rehabilitation of homes in areas impacted by Superstorm Sandy. CAPC is a nonprofit real estate company that acquires and rehabilitates vacant, abandoned, and foreclosed homes to stabilize communities and provide quality affordable housing. CAPC is the nonprofit real estate affiliate of NJCC, New Jersey’s largest Community Development Financial Institution.
The fully rehabilitated homes will create new affordable rental and homeownership opportunities in Sandy-impacted communities. The properties will be located in nine Superstorm Sandy-impacted New Jersey counties, including Hudson, Essex, Bergen, Union, Monmouth, Middlesex, Ocean, Atlantic and Cape May counties. The loan proceeds from CHC and Calvert Impact Capital are projected to acquire and rehabilitate over 150 housing units, which will stabilize communities that were devastated by Sandy’s destruction and give those who were displaced an opportunity to return home.
The fund is also supported by equity investments from Community Loan Fund of New Jersey and Synchrony Bank and grant funds from the City of Newark, Hudson County, and the New Jersey Department of Community Affairs.
“Thanks to this investment from Calvert Impact Capital and Community Housing Capital, New Jersey Community Capital will be able to play an even greater role in stabilizing the housing market in communities impacted by Superstorm Sandy,” said Wayne T. Meyer, President of New Jersey Community Capital. “This fund will support the critical work CAPC is doing to help communities still feeling the impact from Superstorm Sandy recover and allow displaced families return to the neighborhoods they once called home.”
“Superstorm Sandy brought destruction to New Jersey, the likes of which we had never seen. Under the best of circumstances, experts estimate that it takes 10 years for a community to recover from a natural disaster of this magnitude, but this destruction was exacerbated by a foreclosure crisis that hit New Jersey particularly hard,” said Jeff Crum, Chief Investment Officer at New Jersey Community Capital.
“There is a tremendous need for programs that stabilize communities and create home ownership opportunities for families that have been displaced. We are thankful to Calvert Impact Capital and Community Housing Capital for recognizing the success our model is having and investing in it, so we can help more families.”
“We are pleased to have been able to provide capital to CAPC,” said Dave Landis, Senior Vice President & Chief Operating Officer of Community Housing Capital. “We believe CHC’s partnership with Calvert Impact Capital may become a future model for facilitating the return of foreclosed single-family homes to productive use.”
Kevin Fanfoni, Senior Investment Officer at Calvert Impact Capital, added, “This fund is designed as an effective tool to remove blight, stabilize communities, provide quality affordable housing options, and create jobs. We are excited for this opportunity to scale an innovative fund model with a well-established partner who has demonstrated a successful neighborhood stabilization and foreclosure crisis recovery strategy in the state of New Jersey.”
About Calvert Impact Capital
Calvert Impact Capital (formerly Calvert Foundation) invests to create a more equitable and sustainable world. Through our products and services, we raise capital from individual and institutional investors to finance intermediaries and funds that are investing in communities left out of traditional capital markets. During our 22-year history, we have mobilized nearly $2 billion of investor capital. Calvert Impact Capital has recently expanded our services to include loan syndications, where we originate and structure loans for institutional and accredited investors seeking environmental and social impact. Since the launch in 2017, we have syndicated more than $130 million of capital across nine transactions. More at http://www.calvertimpactcapital.org.
About Community Housing Capital
Community Housing Capital, a national Community Development Financial Institution intermediary, is a direct lender to the NeighborWorks® Network. Incorporated in 2000, Community Housing Capital is certified as a community development financial institution and a community development entity by the U.S. Treasury’s CDFI Fund. Lending to members of the NeighborWorks network, Community Housing Capital provides both interim real estate development loans and permanent multifamily loans with favorable rates and terms. Loans are underwritten with the flexibility required to finance complex transactions with multiple layers of subsidies. In its first 17 years, Community Housing Capital has originated 433 loans totaling $639 million to 139 NeighborWorks organizations in 42 states plus the District of Columbia. This activity created or preserved over 17,915 units of affordable housing and facilitated $2.1 billion in total development. Community Housing Capital is headquartered in Decatur, Georgia. For more information, visit http://www.communityhousingcapital.org.
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 development and preservation of sustainable community ventures that strengthen and stabilize neighborhoods. Founded in 1987, NJCC has invested over $630 million in New Jersey communities resulting in more than 9000 jobs, 9900 housing units, 6800 early care slots and 18,900 education seats. For more information, please
CAPC is the nonprofit real estate affiliate of New Jersey Community Capital, New Jersey’s largest Community Development Financial Institution. As a vertically integrated non-profit real estate company, CAPC provides asset management, construction management, property management, and realty services throughout New Jersey. CAPC partners with local community builders and contractors to rehab and return properties to productive use as quality affordable housing. These services are provided in a community-responsive fashion that seeks to provide the best outcome for neighborhoods. Since its launch in 2009 by New Jersey Community Capital, CAPC has been the lead or partnered in acquisition and rehabilitation/construction of over 2,500 housing units.
For media inquiries on Calvert Impact Capital:
Andrew Parrucci, Senior Marketing Officer
For media inquiries on New Jersey Community Capital:
For investor inquiries with Community Housing Capital:
David Landis, Senior Vice President & Chief Operating Officer