New Jersey Community Capital announced on Monday it has received a $565,000 grant from the U.S. Department of Treasury‘s Community Development Financial Institutions Fund to financially assist low-income and distressed communities.
NJCC said it is the only New Jersey-based CDFI to receive a Financial Assistance award this year and one of 107 community loan funds awarded nationally.
The funds will be used to increase lending for the Partnership to Invest in Transformative Community Health, or PITCH, program, which provides loan capital to borrowers for projects with an integrated health approach. The program was designed to invest in creating quality, affordable homes and community health facilities in low-income communities in New Jersey.
“NJCC believes that health equity can only be achieved once disparity and barriers to opportunity are removed and low-income individuals are afforded improved access to housing, food, transportation, education, and the associated resources available in their community. Support from the CDFI Fund has been vital to the success and expansion of NJCC’s community-driven initiatives. This funding will help us expand our programs and accelerate equitable access to quality housing and health in targeted communities across New Jersey,” Wayne T. Meyer, NJCC president, said.
This year, the CDFI Fund received funding requests from 412 applications totaling $363.5 million and awarded $132 million in FA awards to 261 organizations. Since it began in 1005, it has provided more tan $1.8 billion in funds.
“By pairing a people-based strategy with a place-based approach, NJCC is able to direct capital at a catalytic scale for communities in need of comprehensive social and economic growth,” Marie Mascherin, chief operating officer at NJCC, said. “It is yet another example of our long-standing commitment to creating healthy, equitable opportunities for low-income communities.”