Pallone Announces $50 Million to Boost Economic Growth in Low-Income New Jersey Communities

WASHINGTON, DC – Today, Congressman Frank Pallone, Jr. (NJ-06) announced a $50 million award for tax credits from the U.S. Treasury Department to New Jersey Community Capital, which is located in New Brunswick. The funds, which will be used by New Jersey Community Capital to award tax credits to investors in projects, are aimed at stimulating economic growth in low-income urban neighborhoods and rural communities. A significant priority and target for the tax credits will be areas impacted by Hurricane Sandy.

“Economic growth and increased job opportunities in low-income communities are some of the most important challenges we face and among my top priorities in Congress,” said Congressman Pallone. “I am glad to announce that New Jersey Community Capital in New Brunswick will receive this $50 million to spur investment and provide a tremendous boost to New Jersey communities that are in need of greater economic development.”

The grant comes as part of the New Markets Tax Credit Program from the Treasury’s Community Development Financial Institutions Fund. The program permits tax credits for investments in Community Development Entities, which in turn provide loans, investments, or financial counseling in low-income urban and rural communities. New Jersey Community Capital, which is located in Pallone’s district, is one of 76 organizations that received a grant with this round of the program, and the only awardee focusing solely on New Jersey. The Community Loan Fund of New Jersey, which is a part of New Jersey Community Capital, will award the tax credits.