New Jersey Community Capital said Tuesday that it selected Momentum Advisors to invest $2.3 million of the $8 million Credit Enhancement Program grant to mitigate educational gaps across the state and increase equity to fund disadvantaged schools.
The grant, awarded to NJCC in 2016 by the U.S. Department of Education, is to diversify the provision of loan and lease guarantees for developing, expanding and improving public charter school facilities in disadvantaged districts in New Jersey.
“One of NJCC’s core strategies is to finance high-quality education opportunities for underserved and underresourced communities. We are thrilled to partner with Momentum Advisors, a Black-owned business, to help us pursue this goal,” Bernel Hall, CEO and president of New Jersey Community Capital, said.
NJCC is the leading charter school lender in New Jersey, providing acquisition, predevelopment, construction, mini-permanent and permanent financing to more than 30 charter schools, creating or preserving more than 18,400 charter school seats — 37% of all seats in the state.