NJCC provided $8 million in New Markets Tax Credits to support the $105M rehabilitation of the stadium
NEW BRUNSWICK, N.J., May 23, 2023 /PRNewswire-PRWeb/ -- New Jersey Community Capital (NJCC), the state's largest community development financial institution (CDFI), celebrates the reopening of Hinchliffe Stadium, one of the nation's last remaining Negro League stadiums and a designated National Historic Landmark in Paterson, New Jersey. NJCC and its partners celebrated the reopening at the ribbon-cutting ceremony on Friday, May 19.
The reopening of Hinchliffe Stadium will provide economic development opportunities, new affordable and market-rate housing, and commitments to local Minority/Women-Owned Business Enterprises (MWBE) businesses and organizations. NJCC provided $8 million in New Markets Tax Credits (NMTC) to the $105 million rehabilitation project, in partnership with additional sources including New Jersey Department of Community Affairs (ERG funds) and the City of Paterson. The CDFI's contribution was part of the $21 million Qualified Equity Investment allocated by three community development entities.
"We are thrilled to see Hinchliffe Stadium reopen its doors," said Bernel Hall, NJCC President & CEO. "This project represents a significant investment in the Paterson community, and we are proud to have played a role in bringing this historic landmark back to life. The investment is part of NJCC's ongoing commitment to supporting community development and revitalization efforts in Paterson and across New Jersey."
Hinchliffe Stadium has a rich history and has been a beloved place for community gatherings for generations. Constructed in 1932, Hinchliffe Stadium, one of only five Negro League Stadiums in the nation still standing, has been named as a National Historic Landmark. The renovations have preserved the stadium's historic character while adding modern amenities to enhance the visitor experience. The tax credits were used to fund the rehabilitation of the stadium, the museum space and the visitor parking garage.
"This is a victory for our history. Hinchliffe Stadium tells the story of the struggle for social justice and American Integration," shared Mayor Andre Sayegh, City of Paterson. "The rebirth of the Real Field of Dreams represents a proud moment for Paterson and the United States."
The rehabilitation project includes:
- 7,800-seat multipurpose stadium for baseball, soccer, track and football.
- A recreational and cultural facility with a museum dedicated to Negro League baseball.
- 12,000-square-foot event space and food court.
- 315-spot parking garage.
- 75 units of affordable housing for seniors.
NJCC looks forward to seeing Hinchliffe Stadium in its glory once again, serving as a vibrant hub for sports, entertainment and community events. NJCC and our partners are excited to invite everyone from New Jersey and beyond to visit and experience this iconic landmark for themselves.
"U.S. Bank is proud to help bring Hinchliffe Stadium back to life, preserving its history and legacy as one of only two remaining Negro League stadiums in the nation," said Ashley Gebhard, senior project manager with U.S. Bancorp Impact Finance, which invested New Markets Tax Credit and Historic Tax Credit equity and provided a New Markets Tax Credit allocation to help finance the project. "It's also an important project because it helps spur economic develop and jobs in the Paterson community – which has for too long seen disinvestment – and also helps build wealth for the Black-owned development team spearheading the work."
"The renovation of this historic site would not have been possible without the support and investment from numerous public and private partners across the state of New Jersey, including New Jersey Community Capital," said BAW Development Founder and CEO Baye Adofo-Wilson. "I am extremely grateful to have co-developed this National Historic Landmark and our senior affordable residences with RPM Development Group. I look forward to seeing Hinchliffe Stadium return to its former glory and serve as a destination for residents and visitors to commune, and celebrate for generations to come."
"RPM Development Group is deeply appreciative of the generous support of New Jersey Community Capital in financing the redevelopment Hinchliffe Stadium," said Joe Portelli, Senior Vice President of Development at RPM Development Group. "Their team deserves recognition not only for their creativity and willingness to solve problems, but also their ability to recognize the intrinsic value and community impact of preserving a National Historic Landmark as a hub of culture, recreation, and economic development."
NJCC has a proven track record of leveraging funding to make a meaningful impact in communities across the state. Through its comprehensive approach that combines financing, technical assistance, and partnerships with local stakeholders, NJCC has successfully revitalized neighborhoods, preserved affordable housing and supported small businesses, creating a positive ripple effect that strengthens communities and improves the quality of life for residents.
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 that communities can thrive. To learn more, newjerseycommunitycapital.org, LinkedIn: @new-jersey-community-capital and Twitter: @NJCommCapital.
Media Contact
Magdaline Hurtado, Violet PR, (201)937-8564, [email protected]
SOURCE New Jersey Community Capital
Share this article