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.

NJCC received its first allocation of NMTCs in 2003 and a second allocation in 2008, a total of $50 million in capital.  NJCC has used these funds to provide jobs, educational options, and economic opportunities to hundreds of New Jersey residents.  In total, NJCC invested $50 million in NMTCs into 12 projects, leveraging an additional $247 million and creating or preserving 2,700 jobs.  NJCC’s NMTC investments have included the following projects:

  • The reopening and expansion of the Citiplex 12, Newark’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

In 2012, NJCC was awarded another $30 million in NMTCs, the only one of 85 awardees to exclusively deploy its award in New Jersey. NJCC is working to fund high-impact revitalization projects, including education facilities, office spaces, and mixed-use developments, in order to create jobs and greater opportunities in Sandy affected areas. NJCC was awarded $50 million in NMTCs in 2015.

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