NJCC, Goldman Sachs announce $15M investment to develop 80 supportive housing units in N.J.

By Emily Bader
New Jersey | Jan 17, 2019 at 10:00 am

New Jersey Community Capital has been given a $15 million investment from the Goldman Sachs Social Impact Fund to develop 80 supportive housing units across New Jersey.

“We are pleased to expand our commitment to create more opportunities for New Jersey’s most underserved and vulnerable people and places,” Margaret Anadu, managing director, Urban Investment Group at Goldman Sachs, said. “We are proud to continue our partnership with New Jersey Community Capital and create the Supportive Housing Fund, given the organization’s deep expertise in stabilizing neighborhoods and creating supportive housing across the state.”

The investment, which will establish the Supportive Housing Fund, will increase housing options and services for the state’s most vulnerable populations, NJCC said, by providing financing to develop, acquire and rehabilitate housing properties.

“The Supportive Housing Fund enriches communities and is crucial to the development of affordable, permanent housing solutions for individuals and families in need,” Wayne Meyer, president of NJCC, said. “Together with Goldman Sachs, we can employ the ‘housing first’ model that immediately places our most vulnerable residents into safe and secure homes while being connected to crucial treatment and social services. This not only ensures they can stay in their homes, but also thrive and realize their own economic and personal goals.”

“By establishing this resource, Goldman Sachs will help NJCC (and other key stakeholders) directly confront the unique dynamics affecting our most complex populations and communities. It is yet another example of their long‐standing and growing commitment to our organization and our work,” Meyer said.

“We will direct these funds to organizations with projects designed to reduce homelessness or address the critical housing needs unique of persons with special needs,” Leah Apgar, managing director of lending, said.

 

Emily Bader | ebader@roi-nj.com | emilybader