Affordable Homes & Community Facilities in Underserved Communities
Robert Wood Johnson Foundation Awards New Jersey Community Capital $750,000 Grant to Support Healthy, Affordable Homes & Community Facilities in Underserved Communities
The Robert Wood Johnson Foundation (RWJF) has awarded New Jersey Community Capital (NJCC) a $750,000 grant to support the Partnership to Invest in Transformative Community Health (PITCH) program, a newly established $5 million loan fund designed to invest in the creation of quality, affordable homes and community health facilities in low-income communities across New Jersey.
NJCC will utilize the $750,000 grant to unlock further lending capital from private-sector healthcare systems and institutions in order to develop community-health projects and affordable housing in economically disadvantaged neighborhoods across New Jersey. The projects will address the diverse health equity needs of each community, helping residents and local stakeholders design, finance, and construct their vision for improved community health.
“We know that housing is an essential component to the health and livability of a community,” said Wayne Meyer, President of NJCC. “Through strategic collaborations with anchor hospital and health systems – and leaders in the healthcare sector like the Robert Wood Johnson Foundation – we’re able to continue unlocking new, low-cost, and flexible capital for our mission-driven borrowers. Most importantly, we’re able to foster healthy, equitable neighborhoods that allow individuals and families to grow and thrive.”
NJCC couples lending and community development expertise to promote health through the built environment in underserved communities. Together, NJCC and RWJF are helping to address housing and economic stability by investing in innovative solutions that improve the health and vitality of New Jersey’s economically distressed communities.
PITCH focuses on creating healthy homes and health-related brick-and-mortar projects, providing residents a safe, stable place to live and services they need to improve their health. PITCH will provide local community and affordable housing builders matching investments for the acquisition or predevelopment of healthy homes. NJCC’s real estate development subsidiary, Community Asset Preservation Corporation, will assist these mission-driven organizations, increasing and sustaining their development capacity for the long term. Lastly, NJCC recognizes the importance of collaboration. Through PITCH, NJCC will work across all sectors and levels of government to help these communities improve their overall health, effect meaningful, holistic neighborhood revitalization, and change systems.
“As a community development financial institution, NJCC continues to design resources and tools that drive holistic and equitable community development and promote safe and healthy homes for individuals and families in low-income communities,” said Hanaa Hamdi, Ph.D., Director of Health Impact Investment Strategies and Partnerships. “Through cross-sector partnerships and collaboration, we’re able to align capital to finance the creation and preservation of healthy homes and neighborhoods that improve the essential wellbeing of those most in need.”
For more information regarding PITCH and the loan application process, prospective borrowers and other interested parties can contact Leah Apgar, Managing Director of Lending, at lapgar@njclf.com; or 732-640-2061.
