New Jersey Community Capital Allocates $2.625 Million for Affordable Housing in Newark
New Jersey Community Capital (NJCC) has partnered with state legislators to allocate $2.625 million over two years toward expanding housing stability and homeownership opportunities in Newark, New Jersey. The funding was secured through the FY26 and FY27 State Budgets under Senate Majority Leader M. Teresa Ruiz and Assemblywoman Eliana Pintor Marin, with support from Assemblywoman Shanique Speight. The initiative includes rehabilitating vacant properties for sale to income-qualified buyers at reduced prices. Two homes on Cortland Street in the Ironbound neighborhood have been restored and listed at $384,900 each—$51,000 below their estimated market value—to make homeownership more accessible. NJCC has a long history of investment in Newark dating back to 1990. Over that time, it has deployed over $411 million and leveraged nearly $1.3 billion in total capital, supporting affordable housing, education, healthcare, and small businesses.
Topics: affordable housing government funding homeownership housing New Jersey