New Jersey Community Capital (NJCC) was recently awarded $800,000 from the Department of Housing and Urban Development (HUD). The funding will be used to support the development of 10 permanent affordable housing units located in Essex County which have been purchased and developed by Community Asset Preservation Corporation (CAPC), a real estate subsidiary of NJCC. Once completed, these homes will be sold to owner-occupants and made permanently affordable in collaboration with the Essex Community Land Trust (ECLT).
In addition to the HUD funding, Santander Bank and PNC have awarded NJCC $75,000 and $45,000, respectively, to support the initiative. The Essex County permanent affordable homeownership project will commence in the Fall of 2023.
The HUD grant is a congressional appropriation from U.S. Sen. Cory Booker with the goal of continuing NJCC’s mission to create affordable and safe housing options for those in underserved communities.
“Affordable housing is critical to building safer and more equitable communities,” Booker said. “I was proud to secure this funding to allow NJCC to provide critically needed housing and continue to improve the quality of life for New Jerseyans. I’m committed to addressing the urgent need for affordable housing throughout our state.”
“This grant represents much more than financial support; it stands as validation of our mission and dedication our team invests in creating a tangible impact,” Bernel Hall, president and CEO of NJCC said. “I want to extend my appreciation to Sen. Booker for believing in NJCC’s vision. Together we will continue our work in creating permanent, affordable housing for current and future residents in Essex County and throughout the state.”
This funding will support homes purchased by CAPC, which partners with local nonprofits and minority contractors to build capacity and complete community-oriented real estate projects in underserved communities. Specifically, the funding will help the completion of additional units, and provide true permanent affordable housing for those who need it. Future occupants will have access to pre-purchase opportunities and ongoing homeowner services.