New Jersey Community Capital on Thursday said it will deploy $1.3 million in financing toward affordable housing units in Philadelphia, marking its first of many moves toward national expansion.
The New Brunswick-based NJCC said the funding is the first of many deals planned as part of the organization’s overall strategic plan to expand nationally. The loan will result in the creation of 17 rental housing units, over half of which are deemed affordable options, and is the first to close as part of the Philadelphia Accelerator Fund, a nonprofit loan fund created in 2019 to invest in equitable neighborhoods for Philadelphia.
This represents a historic milestone toward NJCC’s strategic efforts to help eradicate the racial wealth gap and to advance equity and opportunity in and beyond New Jersey, improving outcomes in underserved communities.
“Closing this significant investment in Philadelphia marks an important move to create more accessible and affordable housing that makes a real difference in the lives of those who need it the most,” Bernel Hall, CEO and president of NJCC, stated. “As we continue to lead the way toward more affordable housing in New Jersey, we’re excited to expand our efforts to foster more equitable communities on a national scale, which is part of our overall strategic plan in 2023.”
NJCC is providing the loan to Fine Print Construction, a Philadelphia-based certified minority construction company.
“I’m delighted that we could partner with New Jersey Community Capital on this project and hope to continue working together in the spirit of regional cooperation to advance the mission of the Philadelphia Accelerator Fund,” David Langlieb, executive director of the Philadelphia Accelerator Fund, said. “I know firsthand how dedicated NJCC staff is to their work and how much impact the organization has. We couldn’t be happier to see NJCC investing in Philadelphia.”
