Caroline White, Communications Manager
New Jersey Community Capital
November 27, 2018 // New Brunswick, NJ – New Jersey Community Capital (NJCC) was recently awarded a $125,000 affordable housing grant through the TD Charitable Foundation’s Housing for Everyone competition for a third time and, second year in a row. NJCC’s real estate subsidiary, Community Asset Preservation Corporation (CAPC), will use the funding to support the conversion of vacant and abandoned properties into quality, affordable homes for low-to-moderate-income (LMI) families across New Jersey’s Newark, Orange, New Brunswick, and Trenton communities.
CAPC will partner with local non-profit housing developers and general contractors in each targeted community to purchase a total of 30 vacant and abandoned properties and return them to active use as affordable for-sale and rental homes. NJCC and CAPC expect to complete and reoccupy at least 15 of the 30 identified properties within one year and intend to have all 30 properties purchased and under-rehab or completed by December 2020.
NJCC and CAPC will utilize a New Markets Tax Credit (NMTC) allocation provided by the Housing Partnership Network to finance, rehab, and reoccupy all 30 properties through this initiative. Utilizing NMTCs for affordable housing projects is a highly seldom investment mechanism for New Jersey community development financial institutions. NJCC and CAPC’s efforts continue to demonstrate that renovating vacant single-family homes stimulates local economies by returning these properties to active use, generates local jobs, and provides a pathway to homeownership for LMI residents, who have difficulty securing mortgages and other homebuyer resources.
“High-quality, affordable homes are central to creating safe and equitable communities for individuals and families,” said Wayne T. Meyer, President of NJCC. “As one of our long-standing partners, we thank TD for reinforcing our investment across New Jersey communities and supporting NJCC and CAPC’s efforts to ensure that working class families throughout the state have more opportunities for sustainable homeownership.”
This year’s competition theme was “Expansion of Access to Affordable Housing”, awarding funding to 25 organizations that provide “access to safe, clean, physically accessible affordable housing units for families, individuals, the elderly, new Americans, Veterans, the disabled, women and youth.” 1
“The winners of this year’s Housing for Everyone competition embody The Ready Commitment pillar of Financial Security,” said Lisa Gruner, Head of Social Impact and TD Charitable Foundation. “TD is honored to fund these organizations’ projects which will help to increase financial wellness to families and individuals across our footprint.” 2
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 $125,000 grant for a total grant donation of $2.5 million in 2018.
About New Jersey Community Capital
New Jersey Community Capital is a nonprofit community development financial institution (CDFI) that creates thriving communities through strategic investments and knowledge. NJCC supports the preservation and development of affordable housing and sustainable community development ventures that increase jobs, improve education, and strengthen neighborhoods.
About the TD Charitable Foundation
The TD Charitable Foundation is the charitable giving arm of TD Bank, America’s Most Convenient Bank®, one of the 10 largest commercial banking organizations in the United States. Since its inception in 2002, the Foundation has distributed more than $193.8 million and more than 19,000 grants in charitable donations from Maine to Florida. The Foundation’s mission aligns with The Ready Commitment, a new multi-year program that TD launched in March 2018 to help individuals and communities prosper. As part of The Ready Commitment, TD targets CDN $1 billion (US $775 million) in total by 2030 towards community giving in four areas critical to opening doors for an inclusive tomorrow – Financial Security, a more Vibrant Planet, Connected Communities and Better Health. Through The Ready Commitment, TD’s aspiration is to link business, products, services, and community giving to help people feel more confident – not just about their finances, but about their future and their ability to achieve their personal goals in a changing world. For further information, visit TD.com/thereadycommitment.
1 TD Bank (2018). TD Charitable Foundation Awards $3.125 Million in Grants to Non-Profits Expanding Access to Affordable Housing. Retrieved from https://newscenter.td.com/us/en/news/2018/td-charitable-foundation-award…
2 TD Bank.