New Jersey Community Capital has received $1.15 million in grants from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund, the New Brunswick-based organization announced Tuesday.
NJCC said in a news release that the money from the CDFI Fund will enable it to increase access to capital to improve the quality and supply of affordable housing in low-income, underserved communities, as well as expand financing for healthy food initiatives.
“We believe that economic empowerment begins with the creation of equitable and inclusive opportunities,” President Wayne Meyer said in a prepared statement. “NJCC is honored to receive continued support from the CDFI Fund to advance access to affordable capital for mission-aligned developers, small businesses and organizations in the communities we serve. We will use these funds to catalyze investments that foster access to quality affordable housing and health in communities in need.”
The total award comes from two grant programs: A $650,000 Financial Assistance award will go toward supporting housing stability, while a $500,000 Healthy Food Financing Initiative – Financial Assistance award will expand financing for eligible healthy food projects in the state’s food deserts.
NJCC noted this was the first HFFI award in its history, and one of only 13 handed out by the CDFI Fund this year.