Grant: $2,000,000 - Community Development Financial Institutions - Jun. 29, 2009
0% voted satisfied - 100% voted not satisfied - 1 vote(s) cast
Award Description: This CDFI Award will enable Community Loan Fund of New Jersey, Inc. to deploy capital to assist in the mitigation of the foreclosure crisis in New Jersey. The Award supports an innovative program that will raise and depoly capital to purchase properties that are poing into foreclosure, stabilize said properties, and return them to productive use as affordable homes for low-and moderate-income homebuyers. the $2 million award will enable Community Loan Fund of New Jersey, Inc. to leverage an additional $12 million and fund affordable housing projects and cover loan loss reserves to the tune of $4 million in fiscal year 2010, $5 million in fiscal year 2011, and $5 million in fiscal year 2012.
Project Description: The purpose of the award is for Community Loan Fund of New Jersey, Inc. to deploy capital to assist in the mitigation of the foreclosure crisis in New Jersey by funding affordable housing projects and by covering it's loan loss reserves. Community Loan Fund of New Jersey, Inc. has deployed $50,000 in the affordable housing industry and applied $537,486 towards it's loan loss reserve. This equates to more hatn 450% of the benchmark agrees to in the assistance agreement for this periiod of time.
Jobs Summary: 2 jobs were retained in Community Loan Fund of New Jersey, Inc. - 1 Loan officer and 1 Administrative position in the financial department. Loans were made to two organizations and as a result, 2 jobs were retained in those organization in the Real Estate Industry. In one of those organizations 9 Construction Jobs were also retained. (Total jobs reported: 13)
Project Status: Less Than 50% Completed
This award's data was last updated on Jun. 29, 2009. Help expand these official descriptions using the wiki below.