New Jersey Community Capital, the state of New Jersey’s largest community development financial institution, on Friday announced it received a $1 million investment from 1st Colonial Community Bank to support socially driven investments in New Jersey communities of opportunity.
This investment, NJCC’s first ever from 1st Colonial Community Bank, will bolster the organization’s efforts to increase the supply of quality affordable housing and economic development activities that revitalize neighborhoods and stimulate economic growth.
“Support for affordable, accessible housing and local economic development initiatives is crucial to the equitable success of our communities. This investment from 1st Colonial Community Bank is invaluable in achieving our goal of promoting important businesses and nonprofits that are moving the needle in our communities and creating sustained growth,” Bernel Hall, CEO and president of New Jersey Community Capital, said. “NJCC is excited to continue leading the way toward more equitable development and accessible home buying opportunities for communities regardless of economic status.”
Since its inception 35 years ago, NJCC has created nearly 11,000 housing units across New Jersey, and finances the predevelopment, acquisition, construction, rehabilitation and mini-permanent needs of affordable housing units for ownership and rental opportunities. NJCC’s lending takes a holistic approach by financing projects that use the diverse pillars of a community, including small businesses on main streets, commercial office and retail spaces and early childhood education centers.
“1st Colonial Community Bank has a strong commitment to both the economic and societal well-being of our community,” Robert White, CEO and president of 1st Colonial Community Bank, said. “Organizations like NJCC are working diligently to provide New Jersey businesses, nonprofits and residents the loans they need to continue thriving and uplifting their communities, and we’re proud to support them.”
