New Jersey Community Capital, the state’s largest community development financial institution, received $40 million in New Markets Tax Credit Program awards from the U.S. Department of the Treasury’s CDFI Fund, according to a Wednesday announcement.
The investment is part of a larger $5 billion round of funding in NMTC awards nationwide aimed to support economic development initiatives in rural and urban low-income communities.
“This award will support our programs and lending services that foster equitable and enriched communities for residents in New Jersey who need it most,” Bernel Hall, CEO and president of New Jersey Community Capital, said. “We’re honored to receive this funding and to be recognized as a leading CDFI that actively invests in small businesses, economic development, job creation and more.”
The funding comes as NJCC celebrates an impactful fiscal year, including the launch of an Equitable Small Business Initiative in partnership with the African American Chamber of Commerce of New Jersey to provide loans to 16 New Jersey-based small businesses owned by people of color.
NJCC has utilized previous NMTC awards to support area Boys & Girls Clubs, CompleteCare Bridgeton’s redevelopment and the Social Profit Center at Mill One — an affordable mixed-use workspace for local nonprofits and artists.
Since the inception of the NMTC program, NJCC has deployed $249.5 million in NMTC allocation across projects in the state of New Jersey. NJCC is one of 107 award recipients that collectively deployed more than $62.9 billion in investments in low-income communities and businesses; with impacts such as the creation or retention of more than 857,000 jobs and the construction or rehabilitation of nearly 239 million square feet of commercial real estate in FY 2021. The award recipients are headquartered in 35 different states and the District of Columbia, with over 20% of the investments being made in non-metropolitan communities.