U.S. Treasury’s CDFI Fund award will support affordable homes for low-income individuals and families in economically distressed communities across New Jersey
New Brunswick, NJ (March 5, 2020) – New Jersey Community Capital (NJCC) is pleased to announce that it has received a $2.25 million Capital Magnet Fund award from the U.S. Department of Treasury’s Community Development Financial Institutions (CDFI) Fund to finance the creation and/or preservation of stable, affordable, healthy homes in high-need communities across New Jersey. NJCC is one of 38 organizations nation-wide to receive this competitive award.
“We firmly believe a safe, affordable, healthy home is critical to individual health,” said Wayne Meyer, President of NJCC. “We are pleased to receive this funding, which will bolster the supply of affordable housing—a crucial need for neighborhoods—as well as community health. When individuals and families have access to stable housing, they lead healthier lives that result in improved mental and physical well-being.”
NJCC will also use the award to leverage additional public and private capital to better serve local, mission-driven community and housing developers, providing financial products and support tailored to their needs. Lastly, the award helps NJCC develop and implement effective, collaborative approaches to neighborhood revitalization, while making sure to address the social determinants of health.
Since inception, NJCC has financed the creation and/or preservation of over 10,500 affordable housing units across New Jersey. Recently, NJCC helped enable the acquisition, construction, and rehabilitation of more than 40-single family housing units serving chronically homeless individuals and families through a $1.7 million loan from our Supportive Housing Fund. This crucial project is an innovative partnership between the mission-driven developer, BANDI Property Group, and the nonprofit organization, Jewish Family Services. Together, BANDI and Jewish Family Services serve South Jersey’s most vulnerable populations, providing affordable, stable homes and diverse support services.
“Directing capital at a catalytic scale to support equitable and affordable housing opportunities is always strengthened by strong public-private partnerships,” said Marie Mascherin, Chief Operating Officer of NJCC. “The CMF award will help us expand programming and accelerate access to quality affordable homes across the diverse and culturally-rich neighborhoods we serve.”
As a national program, the Capital Magnet Fund has created more than 13,300 affordable housing units and generated nearly $1.8 billion in private and public investments. The Fund was designed to support financing for the preservation, rehabilitation, development or purchase of affordable housing for low-income communities; as well as related economic development and community revitalization projects.
About New Jersey Community Capital
New Jersey Community Capital is a nonprofit community development financial institution (CDFI) that provides innovative financing, investment, and support to sustainable community development ventures that develop and preserve affordable homes, increase jobs, improve educational opportunities, and strengthen neighborhoods to ensure that underserved communities can thrive. For more information: www.newjerseycommunitycapital.org.
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