Aligning Capital for Low-Income Communities

NJCC deploys New Markets Tax Credits (NMTCs) to leverage private funds for the creation of large-scale economic developments in the communities we serve.

New Markets Tax Credits (NMTCs) were created by the federal government in 2000 as a vehicle for attracting billions of dollars in private capital to low-income communities in every state.  This capital is then deployed by qualified Community Development Entities into community-oriented economic development projects that need additional investment to move forward.  Cumulatively, these projects create thousands of jobs and stimulate local economies.

Since 2002, NJCC has used these funds to provide jobs, educational options, and economic opportunities for hundreds of New Jersey residents.  To date, NJCC has been awarded $215 million in NMTCs, financing 26 projects and leveraging nearly $650 million in private investments. NJCC’s NMTC investments and projects have included:

  • The reopening and expansion of the Citiplex 12, New-ark’s only multiplex cinema
  • The development of a new student center for St. Peter’s University in Jersey City
  • The completion of several charter school facilities, including the three charter schools occupying space in the award-winning 11-block mixed-use Teachers’ Village in downtown Newark

Learn more by calling New Jersey Community Capital at 732.640.2061.

Program Highlights

  • 13 high-impact community projects financed
  • $60.4 Million in NMTC's invested in underserved communities
  • $341.6 Million leveraged in total project costs
  • 2,700 jobs created and retained

"New Markets allows us to attract private investments to finance transformative projects that improve opportunities for low-income communities."

- Wayne T. Meyer, President, NJCC