ImpactAlpha – At least 650,000 New Jersey homes were damaged or destroyed during 2012’s Hurricane Sandy, and many have not yet been rehabilitated.
Community Asset Preservation Corporation, the nonprofit real estate arm of New Jersey’s largest community development finance institution, buys vacant and foreclosed homes, rehabilitates them and turns them into affordable housing.
The loan from Community Housing Capital and Calvert Impact Capital will allow the nonprofit to restore 150 homes, removing blight, creating jobs and stabilizing communities, said Calvert’s Kevin Fanfoni.
The total funding pool also included equity investments from local funds and banks and grants from New Jersey city and state agencies.
