Stimulating investment and economic growth, New Markets Tax Credits fund catalytic economic development projects across low-income New Jersey neighborhoods.
New Brunswick, NJ (June 3, 2019) – New Jersey Community Capital (NJCC) was awarded $35 million in its seventh New Markets Tax Credit (NMTC) allocation by the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) to spur transformative economic development projects in distressed neighborhoods across the state of New Jersey.
The New Markets Tax Credit Program, established in 2000, is designed to spark private investment and economic growth in underserved communities. NJCC has received $250 million in highly competitive NMTC allocations and deployed over $178 million, leveraging an additional $951 million of investments to finance 30 high-impact projects that provide quality jobs and educational opportunities for residents in economically distressed, New Jersey communities. These investments have created or preserved over 9,340 jobs, 2,580 education seats, and 245 affordable homes while driving additional private capital to help spur local economic growth. This is NJCC’s 4th consecutive NMTC allocation.
“Using this tax incentive to attract meaningful investments into neighborhoods and communities of need is critical to catalyzing community revitalization,” said Wayne Meyer, NJCC President. “NMTCs allow us to expand our impact by helping to create living-wage jobs and educational opportunities while helping low-income communities become places of security, vibrancy, and opportunity.”
NJCC’s Community Lending Team will deploy this new allocation in Atlantic, Camden, Essex, Hudson, Mercer, and Passaic counties. The robust NMTC project pipeline includes manufacturing, retail, educational, commercial, and community facilities. NJCC will deploy 100% of its award in New Jersey within two years. Recent NMTC investments include the rehabilitation and renovation of the historic People’s Bank Building, an 88,000 sq. ft. commercial, business, and retail building in Passaic; the development of the Cumberland County College Arts and Business Innovation Center, a 21,000 sq. ft. education and business development facility in Millville; and the Food Industry Specialization Center in Bridgeton, a 36,400 sq. ft. state of the art food incubator.
NJCC was one of only 73 community development entities selected from a pool of 214 applicants and awarded a total of $3.5 billion in NMTC allocations. To date, award recipients have deployed more than $57.5 billion in investments since inception.
For more information, contact: Caroline White, Communications Manager at New Jersey Community Capital, email@example.com.
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 $600 million across New Jersey communities, resulting in the creation or preservation of over 10,250 housing units, 6,345 early childcare slots, 19,760 education seats, and 12,390 jobs. For more information, visit: www.newjerseycommunitycapital.org.