JPMorgan Chase awarded a total of $5 million to the Florida Community Loan Fund (FCLF) and NJCC to increase affordable housing in Central Florida. NJCC joined FCLF in Orlando to receive the award. The three-year investment will allow both organizations to develop stable affordable housing by working with innovative developers to develop multifamily rental complexes using shipping containers; purchasing a bulk of real estate owned (REO) properties and rehabilitating them for affordable rental housing; and acquiring and renovating existing multifamily properties to preserve long-term affordability.

FCLF will serve as the fiscal manager for the collaborative and provide on-the-ground management of program activities. NJCC will lead the investment process to purchase REO properties and work with local nonprofits to rehabilitate those properties.

Since Fannie Mae began auctioning pools of nonperforming mortgages in 2014, we have been the only nonprofit to successfully bid on pools and to help their foreclosure-threatened homeowners. In fact, over the last three years, we have bought nine Fannie Mae pools totaling over 580 mortgages. Using our ReStart model, we have resolved the mortgages at a higher rate than private competitors, preventing the displacement of hundreds of families and stabilizing hard-hit communities.

In May, we made our latest successful purchase of mortgages, and our first to include properties in New York State, which like New Jersey still suffers from high foreclosure inventory. In all, the pool includes 158 mortgages valued at $26 million. As always, we will provide principal reductions and counseling services to prevent foreclosures for as many homeowners as possible, and will turn already-vacant properties into new affordable homes. And as we have done in New Jersey and Florida, we will help New York take another step in their long recovery from the foreclosure crisis.

Historically isolated from the rest of the state, the South Jersey region has faced decades of economic struggles and limited options for quality jobs. In 2014, we evaluated our own gap in service in the region, so we joined Pascale Sykes foundation in launching THRIVE South Jersey to partner with South Jersey initiatives and invest in new economic opportunities across the region. We quickly encountered a local groundswell of energy towards growing a new and creative local economy.

One example is a new Food Commercialization Center, a 27,000 square foot space being developed in Bridgeton by the Cumberland County Improvement Authority to provide low-cost incubation space for companies to begin or expand food production. To help advance this ambitious project, we invested $7 million in New Markets Tax Credits (NMTCs) in its construction. In the coming years, THRIVE will offer affordable financing to the center’s tenants to help them grow. The project promises to create hundreds of jobs and to spur South Jersey’s growth as a center of the food production economy. 

Arts and Innovation Center Catalyzes the Creative Economy in Millville

Another South Jersey project we financed through THRIVE and NMTCs is the Cumberland County College Arts and Innovation Center, the new hub of Millville’s Glasstown Arts District. Open since March, the Center is already attracting new surrounding businesses. In response, THRIVE has sponsored a series of workshops for current and aspiring Glasstown business owners. Through economic investment and business guidance, we believe Millville can be a model for economic growth in South Jersey.

East Trenton Neighborhood Comes Back to Life

Our Community Strategies initiative has been immersed in East Trenton recently, providing continual support to the grassroots-driven East Trenton Collaborative in turning their neighborhood around by addressing vacant properties and developing new community assets. In May, the Times of Trenton took note of the progress the neighborhood has made to revive itself. We expect to share more signs of turnaround and growth from East Trenton in the months and years to come.

New Supportive Housing Coming to Bayonne, More NJ Locations

This year, we launched a new $15 million fund to help increase the supply of supportive housing in New Jersey and to help fill gaps in quality affordable homes for the disabled. We are already receiving high demand from this fund from counties throughout the state, including this project in Bayonne, which we supported with a low-interest $314,000 loan. The project will integrate two disabled tenants with six other low-income tenants in need.

NJCC, CAPC Join NeighborWorks week by Beautifying New Housing in East Orange

In June, Community Asset Preservation Corporation (CAPC), our real estate arm, developed a dilapidated East Orange building into 11 units of affordable rental housing, converting a major eyesore into a major asset for its mixed-use corridor. To recognize NeighborWorks Week and share in its spirit of celebrating new opportunities, NJCC and CAPC staff planted trees outside the new building to beautify its street corner for new residents and their neighbors. The completion of the building was marked by a ribbon cutting. CAPC has now completed 200 rental housing units in New Jersey, a major milestone in its efforts to rebuild distressed neighborhoods.

NJCC Takes Part in Network's Legislative Day

We use a range of strategies to serve our communities, and one is to support stronger community development policies. On June 15, we joined the Housing and Community Development Network of New Jersey and over 150 of its other members in Legislative Day 2017. Along with fellow participants, we sought support for foreclosure relief, lead abatement, and other policy issues that go hand in hand with the investments we make in revitalizing New Jersey communities. We were happy to support the Network’s agenda to Build a Thriving New Jersey.

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.