New Jersey Community Capital was recently awarded nearly $4.96 million from the U.S. Department of Treasury‘s CDFI Fund through the Equitable Recovery Program.
NJCC was one of 603 community development financial institutions in the nation to receive a portion of the $1.73 billion grant announced by Vice President Kamala Harris and Deputy Secretary of the Treasury Wally Adeyemo.
The ERP, established by the federal government in response to the economic impacts of the COVID-19 pandemic, aims to provide resources to organizations working to address disparities and promote economic recovery for communities disproportionately affected by the pandemic.
“This grant will allow NJCC to work collaboratively with local partners and stakeholders to address the unique needs of our communities, with a focus on ensuring that resources are distributed equally and reach those who need them the most,” said Bernel Hall, NJCC’s CEO and president.
NJCC has a proven track record of leveraging funding to make a meaningful impact in communities across the state. Through its comprehensive approach that combines financing, technical assistance and partnerships with local stakeholders, NJCC has successfully revitalized neighborhoods, preserved affordable housing and supported small businesses, creating a positive ripple effect that strengthens communities and improves the quality of life for residents.
The ERP grant will be used by NJCC to expand its lending and investment activities, providing affordable financing to support the development of affordable housing, mixed-use projects, small businesses and community facilities in underserved areas.