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Trenton, NJ
Informing and Connecting Engaged Citizens
New Jersey
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November 28, 2012
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NJCC Receives Foreclosure Mitigation Grant from the Annie E. Casey Foundation

New Jersey Community Capital (NJCC) recently closed a seven-year, $2 million Program-Related Investment (PRI) from the Annie E. Casey Foundation, with $1.5 million going toward capitalizing its Neighborhood Prosperity Fund (NPF) and $500,000 going to the Community Asset Preservation Corporation (CAPC) for property acquisition. NJCC is proud to partner with the Casey Foundation on these foreclosure mitigation strategies, which will help preserve at-risk neighborhoods across New Jersey. These strategies will also serve as important models of effective tools for the revitalization of underserved communities suffering from abandoned and vacant properties.

The Casey Foundation investment is a catalyst for NPF, an innovative new funding pool established by NJCC to provide more flexible, accessible capital to community developers who are collaborating to implement neighborhood preservation strategies throughout New Jersey. The Foundation’s support will also help to increase CAPC’s capacity to acquire discounted pools of nonperforming mortgages or bank-owned, foreclosed residential properties and to employ its innovative and multifaceted disposition strategy to place these units back into equitable and productive use in vulnerable neighborhoods across New Jersey.

See link to full article below.
Source:
New Jersey Community Capital News Release
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