New Jersey Community Capital Appoints John D. Allen IV as Chief Financial Officer

Allen brings over 20 years of financial management experience to New Jersey's largest community development financial institution

NEW BRUNSWICK, N.J., March 28, 2023 /PRNewswire-PRWeb/ -- New Jersey Community Capital (NJCC), the state's largest community development financial institution (CDFI), is pleased to announce the appointment of John "J.D." Allen IV as its Chief Financial Officer (CFO), effective March 27.

Allen brings over 20 years of financial management experience to his role as CFO at NJCC. Most recently, he served as Treasurer of Lakeland Bank. Previously, he held managerial positions at Deloitte & Touche, Citi and the Federal Reserve Bank of New York. Allen is a certified public accountant and an ABA Stonier Graduate School of Banking graduate. He has a bachelor's degree in accounting, and a master's in accounting and professional consultancy from Villanova University. 

"We are excited to welcome J.D. to the NJCC team," said Bernel Hall, President and CEO of NJCC. "This is a pivotal time for the organization, and his extensive financial experience will help NJCC reach even greater heights in the years ahead."

Allen will manage all financial operations, including the audit process, budgeting, capital management, cash management and liquidity, internal and external financial reporting, and regulatory reporting. He will report directly to Hall, working closely to establish and implement strategies to raise investments and operating capital so that NJCC can serve more communities.

"I am honored to join NJCC, such a purpose driven institution," said J.D. Allen, CFO of NJCC. "I am excited to work with the leadership team as we continue to execute strategic and financial priorities focused on taking NJCC into its next chapter. NJCC provides me with many hands-on opportunities to positively impact the community through financial assistance, education and neighborhood development."

2022 was a record year for NJCC. The organization closed over $47 million in loans in FY2022 — the most in a single year in its history. Currently, 55% of NJCC's loan balance is to minority-owned businesses and minority-led nonprofits. Its strategic consulting team helped secure $3.6 million in competitive tax credit funding to support four low-income neighborhoods. Through Community Asset Preservation Corporation (CAPC), 46 homes were completed in the past quarter alone. NJCC recently announced that it was expanding nationally and executed its first loan to a minority development company in Philadelphia, Pennsylvania.

About New Jersey Community Capital 
New Jersey Community Capital (NJCC) is a nonprofit community development financial institution (CDFI) that provides an innovative toolkit of financial products, programs and services to advance equity and opportunity in underserved communities. NJCC supports the preservation and development of affordable housing and sustainable community development ventures that increase jobs, improve education and strengthen neighborhoods to ensure communities can thrive. To learn more, visit newjerseycommunitycapital.org, Twitter: @NJCommCapital, and LinkedIn: @new-jersey-community-capital

SOURCE New Jersey Community Capital