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New Jersey Community Capital Awarded $50 Million in New Markets Tax Credits

September 20, 2021 News & Updates Press Releases

Stimulating investment and economic growth, the New Markets Tax Credit (NMTC) Program funds catalytic economic development projects across low-income New Jersey neighborhoods.  


New Brunswick, NJ (September 15, 2021) – New Jersey Community Capital (NJCC) was awarded a $50 million New Markets Tax Credit allocation by the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund). This award will fund catalytic economic development projects across the state of New Jersey that generate quality jobs, services and opportunities in low-income communities.

The NMTC Program is designed to spark private 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 NJCC projects include small businesses, community centers, educational facilities and mixed-used real estate projects.

“The investment capital NJCC will leverage with this NMTC allocation helps to finance solutions that address the many barriers to equitable opportunities in the low-income communities we serve every day,” said Jacki Robinson, NJCC Interim President. “The NMTC program allows us to continue expanding our impact by directing greater capital to catalytic projects that connect residents to quality, living-wage jobs and create sustainable, inclusive and resilient places to live and work.”

Including this award, NJCC has received eight NMTC allocations totaling $300 million and leveraged an additional $951 million in investments to finance 38 high-impact projects. These investments have created or retained over 10,447 jobs, 2,732 education seats, and 263 affordable homes while driving additional private capital for local economic growth.

Recent examples of NMTC investments include the transformation of a 130-acre federal shipyard into an environmentally sustainable business hub for innovation and economic growth; and the rehabilitation and renovation of the historic People’s Bank Building, an 88,000 square foot commercial, business and retail building in Passaic.

NJCC was one of only 100 community development entities selected from a pool of 208 applicants and awarded a total NMTC allocation of $50 million. NMTC award recipients have deployed more than $66 billion in investments since inception.

New Jersey Community Capital

New Jersey Community Capital (NJCC) is a nonprofit community development financial institution (CDFI) that provides an innovative toolkit of financial products, programs and services to advance equity and opportunity in underserved communities. NJCC supports the preservation and development of affordable housing and sustainable community development ventures that increase jobs, improve education and strengthen neighborhoods to ensure that communities can thrive. To learn more, visit and Twitter: @NJCommCapital.


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By pairing community development expertise with innovative revitalization models, our work delivers local solutions to underserved communities in New Jersey and beyond.

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