Bridging Gaps, Building Futures: The Transformative Work of New Jersey Community Capital

On Sep 25, 2023

In a landscape where the wealth gap only seems to widen, New Jersey Community Capital (NJCC) is doing more than just talking about change; it’s financing it. As the Garden State’s largest nonprofit community development financial institution, NJCC puts its money where its mission is: affordable housing, small business lending, and affordable homeownership, particularly in neighborhoods most often left behind.

Take NJCC’s recent $1.3 million loan to Fine Print Construction in Philadelphia. This project is NJCC’s first foray outside New Jersey, and it will create 17 new, affordable rental units. It is also NJCC’s first step toward national expansion.

But NJCC hasn’t forgotten its Garden State roots. Its construction loan for the Gallery Lofts project has revitalized Newark’s West Ward. Four two-bedroom lofts and a pair of commercial spaces — one of which will be a haven for local artists — isn’t just urban renewal; it’s a community renaissance.

In Paterson, a groundbreaking partnership with St. Joseph’s Health led to the development of Barclays Place, the state’s first-ever hospital-based supportive housing. The mantra here is simple: “Housing is healthcare.” With 56 units of affordable living spaces coupled with indispensable health services, NJCC is helping to redefine the meaning of community wellness.

Finally, the Department of Housing and Urban Development recently granted NJCC $800,000 to support the Essex Community Land Trust through the Community Asset Preservation Corporation (CAPC), NJCC’s real estate subsidiary, to create 10 permanent affordable housing units in Essex County. CAPC works with local nonprofits and contractors from minority backgrounds to support community development in underserved communities.

So, whether it’s leveling the playing field or building resilience in the communities that need it most, NJCC is building a future where equity isn’t just an ideal—it’s an investment.

Disclaimer: Sponsored content articles do not reflect the opinions of New Jersey Business Magazine or the New Jersey Business & Industry Association.

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