The conversion of a mostly-vacant historic Newark high-rise into a thriving mixed-income/mixed-use space. The renovation of an old bank in downtown Passaic into new restaurants and offices. The revitalization of a renowned New Brunswick Theater, with rehearsal and office space, and over 200 new apartments above it. An open and ecofriendly new industrial space in Kearny for three small businesses, including a vertical urban farm that will receive below market rent terms.

These projects are coming to life because of the $30 million in New Markets Tax Credits (NMTCs) that we provided them in December, the bulk of a $45 million allocation we received from the CDFI Fund in 2017. Together, they will create over 1,000 construction jobs and over 1,000 permanent jobs, will create opportunities for New Jersey’s entrepreneurs, and will each spur economic growth in their respective cities, each of which have substantial poverty. They will also create affordable homes, park space, and entertainment space that all local residents can access. They bring our total investment of NMTCs to over $145 million, and we look to continue to use NMTCs to spur economic growth where it is needed.

Over the last five years, NJCC’s ReStart program has helped over 600 families facing foreclosure in New Jersey, Florida, New York, and the Carolinas to reduce their mortgage payments so that they can afford to stay in their homes. In doing so, we have become the largest nonprofit purchaser of underwater mortgages in the nation and have proved a new model for fighting a foreclosure crisis that persists in many locations. Now, we are expanding this neighborhood stabilization model to the national scale.

Through Fannie Mae’s latest Community Impact nonperforming loan sale, we purchased 495 mortgages across nine states where foreclosures remain high, including New York (172), New Jersey (145), Cook County, Illinois (100), Arizona, Georgia, Maryland, Oregon, Washington, and Wisconsin. Now, we will partner with National Community Stabilization Trust, Hogar Hispano, and counseling agencies in each location to help stabilize these homeowners and properties. Read more about the details and impacts of this next phase of our ReStart program here.

THRIVE South Jersey Honored

In November, the Southern New Jersey Development Council (SNJDC) honored THRIVE South Jersey with its 2017 Investment in South Jersey Award for our investment of $5.75 million in NMTCs in the creation of the Cumberland County College Arts and Innovation Center, the hub of downtown Millville (we featured this project in our latest annual report). Since launching THRIVE in 2016, we have closed 21 loans and 12 community grants to support economic growth across the region, and local innovators and community leaders continue to look to us for resources to help make their projects a reality. 

Wayne Joins Governor Murphy’s Housing Transition Team

A week after winning New Jersey’s Governor’s race in November 2017, Governor Phil Murphy named his transition teams to prepare him for his first term. Murphy named NJCC President Wayne Meyer as one of 35 members of his Housing Transition Team. This January, the team released a report setting six priorities for improving housing in New Jersey. We commend the new administration for steps they are already taking to begin expanding access to high-quality affordable housing.

CAPC Director Jeff Crum Named Rising Star

As CAPC’s Director of Real Estate, Jeff Crum has led NJCC’s real estate arm from a concept to one of New Jersey’s leading nonprofit developers of affordable housing. In October, Rutgers University’s Edward J. Bloustein School of Planning and Public Policy recognized Jeff’s leadership and service by honoring him with a Rising Star Award and adding him to its Alumni Association’s Hall of Fame. Jeff joins Leah Apgar, NJCC Lending Team Leader, who was honored and inducted in 2016.

NJCC Receives TD Housing for Everyone Award

This November, TD Charitable Foundation announced its Housing for Everyone grant winners. We are proud to be one of four New Jersey organizations to win a $125,000 award to improve affordable housing access. Using this award, NJCC and CAPC will finance, rehab, and reoccupy 60 abandoned properties in Essex, Middlesex, Monmouth, and Ocean Counties as new healthy and affordable homeownership options that will help families achieve stability and build wealth.

Community Strategies Holds Workshop in Hammonton

Our Community Strategies initiative continues to help local leaders in New Jersey improve their strategies, partnerships, and resources for revitalizing their neighborhoods—and not just in our biggest cities. Most recently, Community Strategies has taken its services to Hammonton, [a town of 14,000 in Western Atlantic County,] where it held a 70-person workshop to help officials from 17 municipalities in Atlantic, Cape May and Cumberland Counties develop new ways for reclaiming their abandoned properties.

Wayne Shares Expertise at University of Michigan

On November 30 ^th, Wayne Meyer joined former NJCC Board Chair Dudley Benoit for a policy panel at the University of Michigan’s Gerald R. Ford School of Public Policy. Wayne shared with students his ideas and expertise on community development finance, including how community development finance organizations must collaborate and think outside of the box while still remaining committed to their missions. See more of Wayne’s thoughts here.

Want to make a difference in New Jersey communities? We are currently looking to fill the following positions:

To apply, send a cover letter and your resume to [email protected] with the job title in the subject line.