Aligning Capital for Low-Income Communities

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

The New Markets Tax Credit (NMTC) program was created by the federal government in 2000 as a vehicle to attract private investment capital to economically distressed communities in every state. This capital is then deployed by qualified Community Development Entities into community-oriented economic development projects that spur local economic growth and community development.

Since 2002, New Jersey Community Capital 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 30 projects and leveraging nearly $951 million in additional private capital. NJCC investments and projects have included:

  • The reopening and expansion of the Citiplex 12, Newark’s only multiplex cinema
  • The development of the Arts and Innovation Center in Millville, New Jersey
  • The development of a new student center for St. Peter’s University in Jersey City, New Jersey
  • 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

  • 30 high-impact community projects financed
  • $178 Million in NMTC's invested in underserved communities
  • $951 Million leveraged in additional private capital
  • 9,344 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