Over the last few months, NJCC has launched two initiatives to improve the lives of residents in New Jersey who continue to suffer the after-effects of Hurricane Sandy: ReStart the Shore and the Gap Funding Initiative. Together, these programs will help over 1,000 families regain stability in the face of crisis. We are proud to introduce both initiatives in this edition of Capital Gains, and we invite you to learn more about the role they will fill in the ongoing Sandy recovery effort.

 

Sincerely,

 

   
Wayne T. Meyer, President

 

  

 

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One year ago, NJCC established ReStart as a new model to prevent foreclosures through principal reductions and financial counseling; now NJCC is expanding ReStart to New Jersey's Hurricane Sandy recovery zone.

 

By bulk-purchasing 517 FHA distressed mortgages in the 9 counties most impacted by Sandy, we are able to implement ReStart the Shore to provide stability to communities coping with the long-term impacts of both economic crisis and natural disaster.

 

With ReStart the Shore, we will provide affordable mortgage modifications and one-on-one financial counseling to over 200 homeowners, protecting them from foreclosure and displacement, and will revitalize 300 additional shore-area homes. To learn more about ReStart the Shore, please take a look at this recent NJ Spotlight article.


 

Through the Gap Funding Initiative (GFI), NJCC is able to offer grants of up to $30,000 to help eligible homeowners cover their remaining costs to repair damages to their homes caused by Hurricane Sandy.  Thanks to the generosity of the American Red Cross and the Hurricane Sandy New Jersey Relief Fund, GFI has $15 million in total funds available for homeowners who have qualified for support from the State's Rehabilitation, Reconstruction, Elevation and Mitigation (RREM) program, but who cannot access these funds because the costs of their repairs are higher than the maximum award allowed under RREM. By providing this additional grant, the GFI program helps eligible homeowners meet the total cost of construction, obtain vital RREM funds, and ultimately return home.

 

Thus far, GFI has approved 67 homeowners for grants to repair the damages that have hindered them for over a year.  To learn more about program eligibility and the application process, visit www.gapfundinginitiative.org.

 

 

 

CAPC Awarded UrbanLIFT Grant

In late December, Wells Fargo Bank provided a $150,000 grant to Community Asset Preservation Corporation (CAPC), NJCC's real estate affiliate, through the UrbanLIFT Community Grant Program. One of only two New Jersey organizations to receive an UrbanLIFT Award (the other was NJCC/CAPC partner La Casa de Don Pedro), CAPC will use the funding to rehabilitate a three-story row house in the Bergen/Lafayette neighborhood of Jersey City and to provide other needed improvements in the neighborhood.

 

REBUILD Small Business Borrowers in the News

As we marked Sandy's one year anniversary, media outlets highlighted several small businesses that received disaster recovery loans through NJCC's REBUILD New Jersey fund. DJ's Delights, a deli and catering services in Asbury Park, was featured in FOX Business "Small Business Spotlight." Fellow Asbury Park borrowers Langosta Lounge- a well-known Boardwalk restaurant- and The Showroom- an independent movie theater- were featured in a story by loans.org.

 

Bus Tour Showcases Four of NJCC's Newark Partners

On October 30th, NJCC took a group of 25 staff members and supporters on a tour of Newark to show them how several of its partner organizations are creating opportunities with the help of financing from NJCC. The group visited the Ironbound Community Corporation's Ironbound Children's Center; the Marion P. Thomas Charter School; the redesigned Newark CityPlex 12 movie theater; and to the newly-opened Market Street Rita's Ice. The tour concluded at CAPC's new office at 421 Halsey Street, where friends gathered for a celebratory open house.

 

Two NJCC Team Members Selected for Citi Leadership Program

Peter Grof, our Deputy to the President, and Daniel Arndt, one of our Lending Officers, were among 50 community development financial institution (CDFI) professionals chosen to participate in the national Citi Leadership Program for Opportunity Finance. Peter was selected as a mid-career leader, while Daniel was chosen as an emerging leader. The 10-month program, created by the Opportunity Finance Network (OFN) and the Citi Foundation, is designed to enhance the capacity of current and future CDFI leaders. More information can be found here.

 

Essex Community Land Trust Receives $700,000 from DCA

The Essex Community Land Trust (ECLT), a collaboration in which CAPC is an integral partner, was recently provided nearly $700,000 from the New Jersey Department of Community Affairs. CAPC will utilize this award to acquire and rehabilitate six units of housing in Bloomfield, which will be dedicated to the Land Trust as permanent affordable homeownership opportunities.

 

Recent Supporters

We cannot accomplish any of our goals without the support of our loyal funders. NJCC would like to thank JPMorgan Chase for providing an additional $200,000 in funds for NJCC's continuing small business recovery lending as part of its ongoing support of our operations. We also would like to thank PNC Bank for providing a $40,000 grant in support of our neighborhood stabilization efforts.