Community Loan Fund of New Jersey

The Community Loan Fund of New Jersey, now operating under the trade name New Jersey Community Capital (NJCC), is a nonprofit community development financial institution (CDFI) founded in 1987. It is headquartered in New Jersey and has evolved from its initial focus on affordable housing to encompass broader community development sectors such as early care, education, and economic development.

History and Evolution

Established as a nonprofit lender to meet the capital needs of New Jersey-based affordable housing developers, the organization expanded its scope over time. In 1996, it was certified as a CDFI by the U.S. Treasury Department, which allowed it to expand its capital base and diversify its funding sources. By 2003, the organization had incorporated Community Lending Partners of New Jersey, Inc. (CLP) as a lower-risk lending affiliate to cater to diverse investor needs.

Mission and Goals

New Jersey Community Capital's mission is to advance equity and opportunity through strategic investments in traditionally underserved communities. It aims to promote economic growth, improve individual and community well-being, and foster more equitable and inclusive communities. The organization uses a holistic approach to neighborhood revitalization, focusing on critical community assets such as safe housing, quality education, access to healthy food, and vibrant community spaces.

Lending Programs and Impact

NJCC is notably the largest community development financial institution headquartered in New Jersey and is the leading lender to charter schools in the state. Its lending programs for charter schools include acquisition and construction financing, mini-permanent and permanent financing, leasehold improvement, lease guaranties, and short-term working capital loans. These efforts have supported over 20,000 charter school seats across more than 45 campuses in New Jersey, New York, and Washington, DC.

The organization has also pioneered initiatives to address the foreclosure crisis and support recovery efforts following major events like Superstorm Sandy and the COVID-19 pandemic. NJCC provides comprehensive financial solutions, portfolio management, financial training, research sponsorship, and policy advocacy to advance community development in New Jersey.

Economic Impact and Achievements

New Jersey Community Capital has invested more than $910 million in New Jersey communities, demonstrating a commitment to fostering economic growth and equity. Through its strategic investments and community-driven strategies, NJCC continues to play a pivotal role in revitalizing neighborhoods and ensuring that underserved communities thrive.