At New Jersey Community Capital, we’re proud to announce a major milestone: a $33 million bond loan from the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund.
This funding is part of the largest issuance in the program’s history, totaling a record-breaking $498 million, and our work was recently highlighted in NJBiz, underscoring our commitment to driving economic growth and transformation across New Jersey.
This $33 million boost empowers us to continue our mission of uplifting communities by financing vital projects that make a meaningful impact in residents’ lives.
This was made possible due to our partnership with the OFN network – a true testament to the creative and diligent work of our team and a true boost for those we serve.
The CDFI Bond Guarantee Program provides long-term, fixed-rate capital for projects in underserved urban, rural, and Native communities, allowing us to expand our reach and strengthen our commitment to underserved communities.
Here’s how we’re putting this historic funding to work:
Affordable Housing and Real Estate:
Investing in accessible rental housing and vibrant commercial spaces is key to addressing housing needs and fostering economic growth. This funding allows us to create more housing options and support spaces for local businesses to thrive.
Support for Small Businesses:
Small businesses are the heartbeat of strong communities. We’re dedicating funds to help BIPOC entrepreneurs and developers access the capital they need to grow, create jobs, and strengthen local economies.
Enhanced Community Services:
By investing in day care centers, nonprofits, and charter schools, we’re enhancing the infrastructure that families rely on. These essential services support education, child care, and social needs, directly benefiting families and children in our communities.
This funding gives us a powerful tool to continue revitalizing underserved neighborhoods and building stronger communities. Our President and CEO, Bernel Hall, shares in this optimism, envisioning significant positive changes over the next five years and beyond.
To learn more about this important funding milestone, check out the full NJBiz article