2/28 Press Release - $1.3M Toward Phila. Affordable Housing by NJCC

New Jersey Community Capital (NJCC), New Jersey’s largest community development institution (CDFI), announced $1.3 million in financing toward affordable housing units in Philadelphia, marking its first of many moves toward national expansion. This is a historic milestone toward NJCC’s efforts to help eradicate the racial wealth gap and to advance equity and opportunity in and beyond New Jersey. The loan will result in the creation of 17 rental housing units, over half of which are deemed affordable options, and is part of the Philadelphia Accelerator Fund, a nonprofit loan fund created in 2019 to invest in equitable neighborhoods for Philadelphia. “Closing this significant investment in Philadelphia marks an important move to create more accessible and affordable housing that makes a real difference in the lives of those who need it the most,” said Bernel Hall, president and CEO of NJCC. Bernel Hall, president and CEO of NJCC, is available to speak on why Philadelphia is an integral part of NJCC’s expansion plan and how investing in underserved communities across the country will combat the racial wealth gap. NJCC Expands Nationally with Inaugural Financing Deal in Philadelphia The state of New Jersey’s largest CDFI organization to deploy $1.3 million in financing toward affordable housing units in Philadelphia, marking its first of many moves toward national expansion. NEW BRUNSWICK, N.J., Feb. 28, 2023 – New Jersey Community Capital (NJCC), the state of New Jersey’s largest community development financial institution (CDFI), today announced the closing of a $1.3 million acquisition, construction and mini-permanent loan in Philadelphia, Pennsylvania – the first of many deals planned as part of the organization’s overall strategic plan to expand nationally. The loan will result in the creation of 17 rental housing units, over half of which are deemed affordable options, and is the first to close as part of the Philadelphia Accelerator Fund, a nonprofit loan fund created in 2019 to invest in equitable neighborhoods for Philadelphia. This represents a historic milestone toward NJCC’s strategic efforts to help eradicate the racial wealth gap and to advance equity and opportunity in and beyond New Jersey, improving outcomes in underserved communities. “Closing this significant investment in Philadelphia marks an important move to create more accessible and affordable housing that makes a real difference in the lives of those who need it the most,” said Bernel Hall, president and CEO of NJCC. “As we continue to lead the way toward more affordable housing in New Jersey, we’re excited to expand our efforts to foster more equitable communities on a national scale, which is part of our overall strategic plan in 2023.” NJCC is providing the loan to Fine Print Construction, a Philadelphia-based certified minority construction company, as part of its strategic focus to provide financing to projects that assist in closing the racial wealth gap and create equity and opportunity for minority developers. This unique financing structure in Philadelphia meets that goal and will result in a future stream of rental income for the developer. “I’m delighted that we could partner with New Jersey Community Capital on this project and hope to continue working together in the spirit of regional cooperation to advance the mission of the Philadelphia Accelerator Fund,” said David Langlieb, executive director of the Philadelphia Accelerator Fund. “I know firsthand how dedicated NJCC staff is to their work and how much impact the organization has. We couldn’t be happier to see NJCC investing in Philadelphia.” “I want to express how proud I am to be the first recipient of an NJCC loan toward affordable housing in Philadelphia,” said Dawud Bey, CEO of Fine Print Companies. “This loan puts Black and Brown people in a better position to access affordable, clean and quality housing. As an African American developer myself, I’m grateful that NJCC is supporting such loan structures to further housing development in the city of Philadelphia.” Since its inception 35 years ago, NJCC has invested over $760 million in loans and investments to leverage over $2.5 billion and created nearly 11,000 housing units across New Jersey. They also finance the predevelopment, acquisition, construction, rehabilitation and mini-permanent needs of affordable housing units for ownership and rental opportunities. NJCC’s lending takes a holistic approach by financing projects that use the diverse pillars of a community, including small businesses, commercial office and retail spaces and early childhood education centers. New Jersey Community Capital (NJCC) is a nonprofit community development financial institution (CDFI) that provides an innovative toolkit of financial products, programs and services to advance equity and opportunity in underserved communities. NJCC supports the preservation and development of affordable housing and sustainable community development ventures that increase jobs, improve education and strengthen neighborhoods to ensure communities can thrive. To learn more, visit https://www.newjerseycommunitycapital.org/and Twitter: @NJCommCapital.