The grant will support the development of 10 permanent affordable housing units for families and seniors in Essex County
NEW BRUNSWICK, N.J., July 27, 2023 /PRNewswire-PRWeb/ -- New Jersey Community Capital (NJCC), the state's largest community development financial institution (CDFI), has been awarded $800,000 from the Department of Housing and Urban Development (HUD). The funding will be used to support the development of 10 permanent affordable housing units located in Essex County, New Jersey, which have been purchased and developed by Community Asset Preservation Corporation (CAPC), a real estate subsidiary of NJCC. Once completed, these homes will be sold to owner-occupants and made permanently affordable in collaboration with the Essex Community Land Trust (ECLT).
The HUD grant is a congressional appropriation from U.S. Sen. Cory Booker with the goal of continuing NJCC's mission to create affordable and safe housing options for those in underserved communities. In addition to the HUD funding, Santander Bank and PNC have awarded NJCC $75,000 and $45,000, respectively, to support the initiative. The Essex County permanent affordable homeownership project will commence in the Fall of 2023.
"Affordable housing is critical to building safer and more equitable communities," said Sen. Booker. "I was proud to secure this funding to allow NJCC to provide critically needed housing and continue to improve the quality of life for New Jerseyans. I'm committed to addressing the urgent need for affordable housing throughout our state."
"This grant represents much more than financial support; it stands as validation of our mission and dedication our team invests in creating a tangible impact," said Bernel Hall, President and CEO of NJCC. "I want to extend my appreciation to Sen. Booker for believing in NJCC's vision. Together we will continue our work in creating permanent, affordable housing for current and future residents in Essex County and throughout the state."
This funding will support homes purchased by CAPC, which partners with local nonprofits and minority contractors to build capacity and complete community-oriented real estate projects in underserved communities. Specifically, the funding will help the completion of additional units, and provide true permanent affordable housing for those who need it. Future occupants will have access to pre-purchase opportunities and ongoing homeowner services.
"Our mission at the ECLT is to strengthen communities by providing permanent affordable housing and financial empowerment opportunities for working families and individuals throughout Essex County," added Britnee Timberlake who co-founded the ECLT in 2011 alongside Harold Simon the former longtime publisher of ShelterForce Magazine. "With this funding, we can continue our efforts to close the racial wealth gap by increasing the net worth of low-to-moderate income families through affordable homeownership opportunities. Thanks to the public investment and support from the ECLT, the units will remain affordable for a minimum of 98 years. Our partnership with NJCC enables us to continue building a sustainable, inclusive and thriving community for generations to come."
Since being established in 2009, CAPC has acquired over 2,350 housing units for redevelopment. CAPC is equipped with the financial strength, regional reach and real estate expertise to stabilize neighborhoods through the acquisition and redevelopment of vacant and abandoned properties, returning them to productive use as quality, healthy and affordable homes.
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 access to 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