As a Community Development Finance Institution, we use federal funding through the CDFI Fund’s competitive award programs to leverage private capital and finance high-impact projects in communities where need is greatest but mainstream capital is scarce.
To date, NJCC has been awarded $14.8 million in CDFI grants, $50M in CDFI Bond Guarantees and $250 million in CDFI New Market Tax Credits.
Together with other capital, this funding leveraged $1.78 billion to create 10,330 quality housing units, 19,760 education seats, 6,340 child care seats, 5.6M commercial and community square feet and 12,390 jobs in some of the state’s most distressed communities.
CDFI programs like NMTC have significantly helped to build our capacity to provide loans and investments that meet financing gaps for projects centered on furthering equity and opportunity.
We respectfully urge Congress to provide a permanent extension and expansion of the NMTC along the lines of the bipartisan New Markets Tax Credit Extension Act (H.R. 1680 and S. 750).