At its 35th anniversary
celebration, New Jersey Community Capital highlighted its recent
achievements and new strategic plan to support homeownership,
economic development and wealth creation in underserved
neighborhoods nationwide
NEW BRUNSWICK, N.J.,
May 21,
2024 /PRNewswire/ -- New Jersey Community Capital
(NJCC) unveiled an ambitious five-year growth strategy developed to
drive equity and opportunity in underserved communities at its
spring celebration on May 1st. The
community development financial institution (CDFI) is not only
accelerating its mission to finance and develop affordable housing,
small businesses and school and child-care facilities but also
expanding its geographic focus to serve eligible communities
nationwide. To support its broader efforts, NJCC has added key team
members to its board and leadership team.
NJCC's Unique Business Model Delivers Double Bottom Line
Results
"We plan to leverage our deep-rooted expertise and proven
community finance model to become a national leader in driving
equitable development. We have an expansive roadmap that aims to
catalyze widespread economic stability and wealth generation
through innovative, accessible financial solutions," NJCC President
and CEO Bernel Hall said during the
event.
"The heart of our strategy is our unique business model. It has
been so effective that we believe it will enable us to scale our
lending, equity investment and real estate development programs
beyond the Tri-state area. Initially, we plan to extend them along
the eastern seaboard and eventually across the nation. We are not
just growing in scale—we are enhancing the depth of our impact by
targeting communities that are most in need of transformative
capital," Hall explained.
Alongside geographic expansion, NJCC's roadmap includes growing
its two subsidiary firms, University Ventures and Community Asset
Preservation Corporation. These entities support a broad spectrum
of critical community-based needs—from affordable housing and
quality educational facilities to robust social services. "Each of
these ventures are designed to reknit and strengthen the fabric of
the communities they support. At the same time, they ensure that
our investments offer the double-bottom lines our funders hope to
achieve by generating social and financial dividends," Hall
added.
Accomplished Leaders Join NJCC To Power Its Expansion
As NJCC embarks on this ambitious journey, several accomplished
leaders recently joined its executive team and board. All bring
unique strengths and experiences to the CDFI that are key to its
expansion and goals. They include:
- Sabrina N. Conyers, a seasoned
partner with McGuireWoods, LLP, joined the NJCC Board of Directors,
Investment and Credit Committees. She brings extensive expertise in
tax transaction planning, corporate governance and real estate
finance to guide financial strategies and ensure all investments
the organization makes are not only impactful but also financially
prudent.
- Claudia Lima, a veteran impact
investor, joined the NJCC Executive Team as chief investment
officer. She will oversee NJCC's investment, lending and real
estate subsidiaries. Prior to joining NJCC, Lima was an executive
vice president at SDS Capital, where she managed a $200 million impact investment fund. Prior to
SDS, she was managing director of community lending and investments
at CIT Bank, a division of First Citizens Bank, covering 22 states.
Lima will be based in Los Angeles,
California as part of NJCC's national expansion
efforts.
- Johvanna Sampson will join NJCC as managing director of lending
with over two decades of community development and lending
experience. Sampson has worked in retail banking, commercial
lending, mortgage lending and most recently as vice president of
commercial lending at BlueHub Capital. Throughout her career, she
has been instrumental in driving market expansion in the Southeast,
West Coast and Midwest and will lead NJCC's lending capacity
nationwide.
- Brian Waweru, an emerging market
private equity investor with 15 years of experience at renowned
institutions like Blackstone and RMB Ventures, joined NJCC as
director of strategic investments. Waweru will expand NJCC's
private equity and mezzanine debt initiatives as part of NJCC's
specialized small business investment company's investment
platform, University Ventures.
"As we expand our operations, these leaders will play a pivotal
role in not only executing our strategic vision but redefining what
is possible in community development finance," Hall said. "Their
diverse skills and shared passion for economic justice position
NJCC to lead effectively across the nation."
Keynote Speakers Addressed NJCC's Legacy of Impact
In a keynote address, NeighborWorks® America's SVP of
Field Operations Kathryn Watts
lauded NJCC's ability to apply creative and innovative solutions to
affordable housing challenges. "They [NJCC] keep us on our toes by
always stretching the envelope with creative, groundbreaking
business strategies," Watts said. NeighborWorks America
awarded nearly $2 million in grants
in New Jersey projects alone in
the last fiscal year, catalyzing $350
million in total investments.
Acting Commissioner Jacquelyn
Suárez of the New Jersey Department of Community Affairs
also addressed the audience during the event. "New Jersey Community
Capital's mission of advancing equity and opportunity through
strategic investments in traditionally underserved communities
intrinsically aligns with the work of the Department of Community
Affairs," Acting Commissioner Suárez said. "Creating affordable
housing, supporting local communities and promoting equitable
redevelopment are central components to what we do at DCA, which is
why we truly appreciate NJCC's efforts in these important
areas."
The NJCC Spring Celebration also included the formal recognition
of NJCC's most distinguished partner organizations. NJCC presented
the following awards:
- Funder of the Year — PNC Bank
- Developer of the Year — GonSosa Development
- Community Organization of the Year — The Children's Home
Society of New Jersey
- Small Business of the Year — JAS Group Enterprise,
Inc.
With these changes to its Strategic Plan, NJCC reaffirms its
commitment to investing in areas that traditional finance has
overlooked, striving to close the wealth gap and fostering economic
inclusivity. The Spring Celebration marked the start of a new
and exciting chapter for NJCC and served as a launchpad for future
ambitions that aim even higher and reach even further.
To support NJCC in its efforts to increase affordable housing,
advance community development and promote women- and BIPOC-owned
businesses, visit newjerseycommunitycapital.org.
About New Jersey Community Capital:
NJCC is a nonprofit community development financial institution
(CDFI) dedicated to creating thriving communities through strategic
investments and knowledge. Founded in 1987, NJCC has grown to serve
as a critical architect of community development initiatives,
driving economic stability and prosperity in underserved areas.
Media Contact:
Beshanda Owusu
bowusu@purposebrand.com
773-398-9194
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SOURCE New Jersey Community Capital