New Jersey Community Capital: Tangible Initiatives that Bridge Gaps

On Nov 6, 2023

With a powerful commitment to action sustained by a range of concrete projects, New Jersey Community Capital (NJCC) is actively bridging the wealth gap within underserved communities. Whether it’s rekindling Hinchliffe Stadium, fostering collaborative workspaces in Newark, or boosting homeownership in New Brunswick, NJCC seeds growth, inclusivity, and sustainable development.

The restoration of the historic Hinchliffe Stadium showcases NJCC’s mission of community revitalization. By investing $8 million in New Markets Tax Credits, NJCC supported a $105 million rehabilitation project, transforming one of the last Negro League stadiums, into a hub for sports and events. This initiative not only honors Hinchliffe’s legacy but also brings economic rejuvenation, affordable housing, and a venue for local Minority/Women-Owned Business Enterprises.

Newark Synergy is heralding a new era of collaboration in Newark. This 4,000-square-foot collaborative workspace, nestled near Newark’s Broad Street Station, is meticulously designed to host industry non-profits and socially responsible businesses. Led by Monge Capital and buoyed by the support from NJCC, this project will foster community development and advancement for Newark residents.

Finally, NJCC in partnership with New Brunswick Tomorrow (NBT), under the Esperanza Down Payment Assistance program, has supported three New Brunswick families in fulfilling their dreams of becoming homeowners in the Esperanza neighborhood. With grants of up to $30,000, this initiative marks a milestone in enhancing stability and wealth-building. More than 80 percent of New Brunswick residents rent their homes, making this program a doorway to building generational wealth.

As it prepares to commemorate its 35th Anniversary this December, NJCC continues to turn dialogue into tangible action that helps close socio-economic gaps. Through thoroughly crafted projects spanning New Jersey and beyond, NJCC leads the way in sustainable development and highlights the financial institution’s commitment to inclusivity, economic growth, and social equity.

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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