New Jersey Community Capital said Thursday that it closed a $10 million New Markets Tax Credit, as well as two loans of $7.5 million and $1.1 million, respectively, for the Children’s Home Society of New Jersey. The funds will be used as financing for the acquisition and development of an Early Head Start child development center at 1435 Liberty St. in Hamilton, and the acquisition of existing headquarters space at 635 S. Clinton Ave. in Trenton.
“NJCC is thrilled to allocate a significant amount of capital to the Children’s Home Society of New Jersey, an organization making a tremendous impact on the next generation of leaders,” Bernel Hall, CEO and president of New Jersey Community Capital, said. “This investment in new spaces for the Children’s Home Society will ensure that New Jersey’s youngest residents have more equitable access to high-quality early development opportunities.”
The Children’s Home Society of New Jersey Head Start/Early Head Start Center-Based and Early Head Start Expansion programs at Liberty Street will provide high-quality early childhood education and comprehensive services for to 147 infants, toddler and expectant mothers residing in Trenton area.
These services will include daily center-based child care for 80 infants and toddlers, host staff and group activities for 102 families for infants and toddlers participating in the Early Head Start home-based service and for 45 expecting mothers participating in pregnancy services.
All services, including meals and comprehensive support services (case management/family support, health, mental health and disability services) are provided at no cost to families.
Along with CHSofNJ’s existing centers, the Liberty Street project will bring the agency’s Head Start/Early Head Start level of service to 537 infants, toddlers, preschoolers and expectant mothers.
“The Children’s Home Society of New Jersey has called Trenton home since 1894. Today, we serve thousands of families in Trenton on any given day. With the New Markets Tax Credit in 2023, CHSofNJ has once again invested in Trenton by purchasing a portion of the Roebling Complex, where our nonprofit headquarters are located at 635 S. Clinton Ave., Trenton — a location which houses multiple social service and parent and student education programs serving thousands of local families,” Donna Pressma, CEO and president of Children’s Home Society of New Jersey, said.
With the NMTC funds, CHSofNJ has also purchased and renovated the Shapiro Early Childhood Center on Liberty Street. CHSofNJ is again investing in Trenton and statewide, with an effective continuum of over 40 positive programs and a continuously growing number of jobs.
Wells Fargo acted as the New Market Tax Credit investor for this deal that will finance the new child development center and CHSofNJ’s acquisition of its current headquarters space. CHSofNJ’s lease of its headquarters was expiring soon and would have resulted in a significant rent increase. By acquiring their space as a commercial condo, CHSofNJ will be able to reduce long-term operating costs and expand services.