News and Updates

New Jersey Community Capital Receives Over $1.45 Million from CDFI Fund

FOR IMMEDIATE RELEASE

New Jersey Community Capital Receives Over $1.45 Million from CDFI Fund

(New Brunswick, NJ) August 17, 2012– New Jersey Community Capital (NJCC) has once again received the highest level of annual funding available to community development financial institutions (CDFIs) through the U.S. Department of the Treasury’s CDFI Fund. The Fund awarded $1,453,806 to the Community Loan Fund of New Jersey, Inc., NJCC’s legacy fund, as part of over $186 million in capital that it provided to 210 organizations serving low-income communities across the country, the largest award total in its history. As the leading federally-certified CDFI in New Jersey, NJCC will use this funding to continue to provide high-impact capital to projects in underserved areas across the state, including affordable housing developments, educational facilities, and job-generating small businesses. The funds will also assist NJCC in expanding its foreclosure recovery strategies in New Jersey’s hardest-hit communities, including large-scale property acquisitions, mortgage modifications, and collaborative community-driven housing revitalization efforts.“The CDFI Fund continues to be a model for how effective public financing can leverage economic growth,” said NJCC President Wayne Meyer. “As neighborhoods that NJCC and its peers invest in show more and more signs of economic stability, we can look back at the consistent support of the CDFI Fund as one of the critical factors in making these transitions possible.”