Wayne Meyer 

Greetings!  

 

Just weeks after Hurricane Sandy devastated New Jersey, NJCC responded by launching the REBUILD New Jersey fund to help damaged small businesses reopen their doors. Almost one year later, REBUILD has provided over $1.4 million to small businesses and nonprofits, preserving hundreds of local jobs and reinvigorating recovering neighborhoods and towns. The businesses we've helped along the way are wide-ranging, but each plays a vital role in the lives of its owners, employees, and community: from the family-owned architectural supplier, to the popular independent movie theater, to the local deli that learns the name of each of its customers.

 

The recovery is years away from completion, and to keep it moving forward, we are pursuing several new strategies to rebuild housing that was lost or damaged in the storm; we are eager to unveil these strategies in the coming weeks. But let us also recognize the progress that has been made over the past year.  We are confident that we are on our way.

 

   
Wayne T. Meyer, President

 

   

 

Take a Look at NJCC's

2012 Annual Report.

 

 

Upcoming Events:

 

9/26, 5:00 PM 

NJCC at Sandy Small Biz Alternative Financing Fair Moonachie, NJ

 

9/30, 2:00 PM

Rita's Newark Ribbon-Cutting Ceremony

Newark, NJ

 

10/15, 2:15 PM 

NJCC on panel on CDFI Disaster Response

OFN Conference

Philadelphia, PA

 

 

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In 1984, tenants of 329 Park Avenue, a 39-unit Section 8 apartment building in East Orange, incorporated into a tenant association and successfully claimed ownership of their building from a negligent landlord. Since becoming owners, the Association has gone on to secure a HUD Rent Regulatory Agreement, an NJHMFA  Technical Assistance and Management Oversight Agreement, strong legal representation, and a new property manager, all of which have made their homes more stable and secure. 

 

Nonetheless, the building eventually began to face structural issues and high levels of vacancy, and so the Association began seeking funds for repairs and upgrades. In August, NJCC used its new Neighborhood Prosperity Fund (NPF) to provide the Association with a 7-year, $1.96 million loan to help it pay off its mortgage and proceed with rehabilitation. This long-term capital was exactly what NPF was created to provide, and it will help the tenants of 329 Park Avenue preserve their building as an affordable and comfortable place to call home.

Over the last 25 years, few people have done more to advance community development in New Jersey than Diane Sterner. Diane founded the Housing and Community Development Network of New Jersey in 1989 and built it into one of the strongest associations of community development organizations in the country, with over 150 active members across the state. Diane was also instrumental in the formation of a number of other statewide and national community development organizations, including NJCC.

 

Now Diane has joined NJCC as its Community Strategies Advisor. In this role, Diane will be a liaison between NJCC, local governments, and community leaders, enabling us to further help our partners by devising new strategies and identifying new resources to revitalize their distressed communities. We are happy to welcome Diane to our team.

    

 

NJCC Receives Max Award from CDFI Fund

This month, the US Department of the Treasury's CDFI Fund once again awarded NJCC its maximum amount of annual Financial Assistance.  The CDFI Fund is providing us with almost $1.35 million to help us increase the scale and affordability of our high-impact loans and investments in New Jersey communities in need.

 

AHA Honors NJCC

The Affordable Housing Alliance, one of the foremost community development corporationd in Monmouth County and a long-time partner and borrower of NJCC, honored us at its Recognition Awards Luncheon on September 19 for our support of sustainable affordable housing in the wake of Hurricane Sandy.

  

Ribbon Cut for Teachers Village

On September 25, NJCC joined Governor Chris Christie, Mayor Cory Booker, and its many partners in celebrating the completion of Teachers Village in downtown Newark.  NJCC invested $10 million in New Markets Tax Credits to finance facilities for three high-performing charter schools in the 11-block development.

  

CAPC Moves

Community Asset Preservation Corporation, NJCC's real estate arm, has moved to a new office at 421 Halsey Street in Newark, just two blocks from its old location.  CAPC's new space will allow it to expand its operations and upgrade its IT systems, furthering its capacity to rehabilitate properties and stabilize communities. 

 

Thanks to Our Fellows

We would like to acknowledge our 2013 Summer Fellows, Alex Ward, Bryan Duarte, Sean Ansanelli, and Dani Rosen, each of whom played an integral role in moving NJCC's programs forward this summer. NJCC's fellowship program remains committed to fostering the next generation of community development leaders.

  

Recent Contributions

Our thanks to long-time supporters Bank of America and MetLife for providing us with crucial operating grants during the last three months to continue to help advance our community stabilization initiatives. Our thanks also go to Annie E. Casey Foundation for providing us a grant in support of our ReStart program.