We invite you to explore our website and learn more about the communities we serve and the financial solutions we provide.
Warm regards,
 Wayne T. Meyer, President
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The New Year is a time for celebration and reflection, and we at New Jersey Community Capital (NJCC) have reason to do both. At this time, we should pause to celebrate the outstanding accomplishments of our staff, socially-conscious investors, and dedicated partners over the past twelve months; we can all proceed into the New Year knowing that our investments have truly improved many lives. Yet we must also take time to reflect on the tremendous amount of work that still needs to be done in many communities across New Jersey. The residents of these communities continue to struggle with economic hardship and uncertainty.
In 2011 alone, NJCC closed over $19.5 million in financing for 25 sustainable community development projects. These projects include high-quality affordable housing units that New Jersey families call home; charter school facilities that provide positive learning environments for students; and economic development projects that create jobs for local residents. By pioneering strategies that expand and expedite the development process, we have not only served increasing numbers of people in-state, but have served as a model for other cities and states also suffering from foreclosures and joblessness.
In order to respond to the array of challenges that remain, it is essential that NJCC continues to grow and transform itself. In September, we took one big step forward by adopting a new Strategic Plan as a road map for our organizational development, ensuring that we focus on expanding and strengthening what has been successful while fostering an environment where new ideas are embraced. In early 2012, we will take another big step when we move our headquarters to a larger space in the heart of New Brunswick, close to the train station. Our move will situate us more strategically and accommodate our growing staff, which over the past two years has doubled to 22 employees. In fact, we are thrilled that in September, two of our Summer Fellows-Julie Thibault and Peter Schaeffing-became our newest full-time staff members. Julie is serving as Executive Assistant while also continuing her outstanding work at our subsidiary, CAPC. Peter is building off of his great work this summer in his full-time position as Underwriter.
Aside from celebrating our successes and reflecting on how we can continue to promote change, we also take this time to be thankful. We recognize that any success we claim is only possible due to the dedication and selflessness of our many supporters. We thank you for being one of these supporters, and we look forward to continuing our work together in the New Year. On behalf of the NJCC staff and board, I wish you and yours all the best this year!
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Chase Awards $4 Million Grant to NJCC to Expand Revitalization Efforts
 On December 1, Chase awarded NJCC a $4 million grant to boost neighborhood stabilization efforts in Newark and other distressed communities throughout New Jersey. Along with Newark Mayor Cory Booker and other esteemed guests, NJCC and Chase announced the grant at a press event in Newark's Fairmount Heights neighborhood, one of many communities that will directly benefit from the innovative series of neighborhood stabilization programs that this unprecedented investment will support. For more on this momentous event, read the press release or take a look at the photos posted on our Facebook page.
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New Year, New Location: NJCC Moving to New Brunswick
 On February 1, NJCC is moving from Trenton to its new headquarters in New Brunswick! Our newly-renovated office space, located just two blocks from the train station, will provide us the space we need to continue to expand our efforts and impacts.
Please note our new address -
108 Church Street, Third Floor, New Brunswick, NJ 08901 - and be sure to come see us once we are all settled in! |
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NJCC Becomes Chartered Member of NeighborWorks® America
 This past September, NJCC became the newest member of NeighborWorks® America, a national network comprised of 235 proven community development and affordable housing organizations. In choosing who will be invited to join, NeighborWorks® uses an in-depth assessment process to seek organizations that exhibit excellence in the community development field. Therefore, the Board and staff of NJCC feel honored to have received this endorsement. In joining NeighborWorks®, NJCC becomes a partner in a wide network of peer organizations, providing opportunities for training, technical assistance, and organizational underwriting support.
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Borrower Spotlight: Saint Peter's College-- Preparing Tomorrow's Leaders While Advancing the Well Being of Its Surrounding Jersey City Neighborhood
 On October 26, Saint Peter's College broke ground on the new state-of-the-art, eco-friendly Mac Mahon Student Center, the centerpiece of the school's "Students at the Center" campaign. The 90,000 square-foot, six-story facility will become the hub of the school's campus activity and will further its leadership in revitalizing its Jersey City neighborhood.
In partnership with Wells Fargo, Provident Bank, and others, NJCC deployed $5.125 million in New Market Tax Credits (NMTCs) to help finance the $39.8 million student center. The NMTC program is a federal initiative that provides tax incentives to induce private sector, market-driven investments in distressed communities. NJCC has twice been awarded NMTC funds, and through these funds has leveraged substantial additional private investment dollars for projects in underserved communities throughout New Jersey. In total, the projects that NJCC has helped to fund through this program add up to a cumulative investment of $238.6 million.
NJCC saw the Saint Peter's project as a prime candidate for the NMTC program because of its potential to generate a projected 300 construction jobs, 600 indirect non-construction jobs, and create or retain 115 permanent jobs, most of which will be accessible to nearby low-income residents. Further, the project will advance a broader redevelopment plan in the surrounding area, providing additional job opportunities; generating integrative and transit-oriented housing; and further enhancing the neighborhood. "NJCC has guided us through every step of the complex NMTC financing process, offering invaluable technical guidance on top of the much-needed capital to move the student center project forward," stated Michael Fazio, Vice President of Advancement and External Affairs. Mr. Fazio added that, "When complete in 2012, the signature building, rising from an empty lot, will be an integral part of revitalizing McGinley Square and the area surrounding the east side of our Jersey City campus. This facility is central to our mission to better serve our students, staff, faculty, alumni and nearby community by creating a premier space to gather."
NJCC was drawn to Saint Peter's not only because of the school's commitment to its surrounding neighborhood, but also due to its dedication in serving immigrant students and other first generation college attendees, who make up over 90% of the student body. Last year, US News & World Report ranked Saint Peter's as the third most economically-diverse private college or university in the nation. "Saint Peter's College is shattering economic barriers by providing educational opportunities to a diverse community of learners who will become our future leaders in New Jersey and throughout the nation," said NJCC President Wayne T. Meyer. "We are proud to utilize the NMTC program to support an institution that is such a commanding influence for lasting positive change in Jersey City and beyond."
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Opportunity Finance Network® (OFN) Releases Informative Video on CDFI Industry
 OFN® recently produced an informative video called "Opportunity Multiplied" that details the positive impact of the CDFI industry and how it is transforming underserved communities. Check it out on our Facebook page or through OFN's website to learn more about the positive and catalytic influence that CDFIs have across the
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Promote Job Growth and the Work of NJCC with Your Morning Cup of "Joe"
 Starbucks and the Opportunity Finance Network (OFN) teamed up to launch the Create Jobs for USA Fund on November 1, 2011. Seeded with a $5 million donation from The Starbucks Foundation, Create Jobs for USA allows concerned citizens to help create and sustain jobs in America. OFN, a nationwide network of 180 Community Development Financial Institutions (CDFIs), oversees the fund which provides financing to community businesses in underserved markets. One hundred percent of contributions are pooled and awarded as loans for community businesses, including small businesses, microenterprises, nonprofit organizations, commercial real estate, and affordable housing groups who are committed to creating and sustaining jobs all across the country. Donations are accepted online at www.CreateJobsforUSA.org and at nearly 7,000 U.S. company-operated Starbucks stores. Donors who contribute $5 or more receive a red, white, and blue wristband with the message "Indivisible," designed to serve as a symbol of Americans uniting to help create jobs. |
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