The grant will support NJCC’s work fostering equitable and inclusive economic growth in underserved communities
NEW BRUNSWICK, N.J., (April 13, 2023) – New Jersey Community Capital (NJCC), the state’s largest community development financial institution (CDFI), is proud to announce that the U.S. Department of Treasury’s CDFI Fund has awarded the organization $4,957,678 in funds through the Equitable Recovery Program (ERP). Announced by Vice President Kamala Harris and Deputy Secretary of the Treasury Wally Adeyemo this week, NJCC was one of 603 CDFIs in the nation to receive a portion of the $1.73 billion grant.
The ERP, established by the federal government in response to the economic impacts of the COVID-19 pandemic, aims to provide resources to organizations working to address disparities and promote economic recovery for communities disproportionately affected by the pandemic. NJCC’s receipt of nearly $5 million in funding is a testament to its long-standing commitment to creating positive change in New Jersey’s neighborhoods.
“We are thrilled to receive this significant investment from the Equitable Recovery Program,” said Bernel Hall, President and CEO of NJCC. “This grant will allow NJCC to work collaboratively with local partners and stakeholders to address the unique needs of our communities, with a focus on ensuring that resources are distributed equally and reach those who need them the most. We are grateful for the opportunity to continue our work in fostering equitable economic development and creating opportunities for New Jersey residents.”
NJCC has a proven track record of leveraging funding to make a meaningful impact in communities across the state. Through its comprehensive approach that combines financing, technical assistance, and partnerships with local stakeholders, NJCC has successfully revitalized neighborhoods, preserved affordable housing and supported small businesses, creating a positive ripple effect that strengthens communities and improves the quality of life for residents.
The ERP grant will be used by NJCC to expand its lending and investment activities, providing affordable financing to support the development of affordable housing, mixed-use projects, small businesses, and community facilities in underserved areas.