NJCC and State Leaders Deliver Housing Stability for Newark Families

Two Cortland Street homes, vacant for more than five years, are now listed for income-qualified buyers — the latest result of a $2.625 million statewide appropriation sponsored by Senate Majority Leader M. Teresa Ruiz, with support from Assemblywomen Eliana Pintor Marin and Shanique Speight.

NEWARK, N.J., Sept. 9, 2026 /PRNewswire/ -- New Jersey Community Capital (NJCC) has partnered with the Legislative District 29 team to expand housing stability for New Jersey families through down payment assistance and the rehabilitation of for-sale homes. Senate Majority Leader M. Teresa Ruiz (D-Essex, Hudson) and Assemblywoman Eliana Pintor Marin (D-Essex, Hudson), Chair of the Assembly Budget Committee, sponsored the resolution restoring $1,125,000 for the program in the FY27 State Budget, building on the $1,500,000 investment secured in FY26. Together with Assemblywoman Shanique Speight (D-Essex, Hudson), Legislative District 29 worked collaboratively to bring these resources back to the district, delivering a total of $2,625,000 over two years to help expand homeownership opportunities and strengthen housing stability for local families.

Appropriated directly through the state, the funding provides flexible capital that NJCC has directed to a range of homeownership and housing-stability efforts, with a growing focus on Newark. That commitment builds on more than 35 years of NJCC investment in Newark. Since 1990, NJCC has deployed more than $411 million in the city, leveraging $1.29 billion in total capital investment and serving close to 54,000 residents. That work includes 350 affordable for-sale homes and 930 affordable rental units created, 114 households engaged in homeownership preparation and down payment assistance, 22,406 school and child care seats created, 1.91 million square feet of community and commercial space developed, and 74 small businesses supported.

Recent Newark commitments include $3.2 million in construction financing for 16 affordable for-sale homes on Badger Avenue, a $650,000 working capital loan to Newark Educators Community Charter School, and a $2.3 million construction loan to Newark Community Health Centers, Inc., which serves 55,000 patients annually.

The affordable housing work supported by the state appropriation is carried out through NJCC subsidiary Community Asset Preservation Corporation (CAPC), which acquires, rehabilitates, and returns vacant and abandoned properties to productive use. Since 2009, CAPC has created or preserved more than 1,465 homes across New Jersey. Among the projects made possible by this funding is CAPC's rehabilitation of two single-family homes on Cortland Street in the Ironbound. The two Cortland Street homes, vacant for more than five years, were acquired through the New Jersey Abandoned Properties Rehabilitation Act (APRA) in partnership with the City of Newark and fully rehabilitated. Each is now listed at $384,900, compared with an estimated market value of $435,000, and is available to income-qualified first-time buyers. By reducing the purchase price by roughly $50,000, this initiative helps make homeownership attainable for households that might otherwise be priced out of the market.

The Ironbound, part of the 29th Legislative District represented by Senator Ruiz and Assemblywomen Pintor Marin and Speight, is known for its rich immigrant history, dense walkability, and strong sense of community identity. As home prices in the neighborhood continue to rise, restoring long-vacant properties helps keep quality housing within reach — a priority both Pintor Marin and Speight have championed through their support for this funding.

The newly announced appropriation will continue to support the creation of affordable for-sale housing along with homeownership preparation services and down payment assistance grants, administered by NJCC's Address Yourself program. Previous funding allocations from the State deployed through Address Yourself have reached more than 1,076 households, giving individuals the opportunity to receive one-on-one housing counseling services or grants of up to $30,000. This support is crucial to bridging the gap between what families have saved and what they need for a down payment and closing costs.

"Accessible housing remains one of our top priorities for New Jersey," said Senate Majority Leader M. Teresa Ruiz. "This project shows that the smartest path forward often means rehabilitating existing homes, not just building new ones. New Jersey Community Capital has been a trusted partner in doing that work well, helping revitalize neighborhoods, narrow wealth gaps, and make the dream of homeownership a reality for New Jersey families in every community."

"New Jersey Community Capital has been a strong partner in preserving housing and expanding opportunities for homeownership, said Assemblywoman Eliana Pintor Marin. "As Newark continues to grow and rental properties increase, their work helps create the balance we need by giving working families the opportunity to own a home, build equity, and stay rooted in their communities. Legislative District 29 is proud to support that mission."

"Projects like this show what's possible when government and community partners work together," said Assemblywoman Shanique Speight. "This collaboration with NJCC is a model for how we should be tackling housing across the state."

Bernel Hall, President and CEO of NJCC, said, "Senator Ruiz's support was crucial to rehabilitating these homes, and her commitment to affordable housing is clear. For nearly four decades, NJCC has worked to build stability and wealth in neighborhoods throughout New Jersey. This funding turns that mission into homes families can actually move into."

More information about NJCC's homeownership programs is available at newjerseycommunitycapital.org.

About New Jersey Community Capital

New Jersey Community Capital is a nonprofit community development financial institution dedicated to advancing opportunity through strategic investments and knowledge-based programs. NJCC finances individuals, businesses, nonprofits, and communities; preserves and develops affordable housing, community facilities, and schools; and supports economic development that creates quality jobs and strengthens neighborhoods. Founded in 1987, NJCC drives economic stability and wealth generation in underserved communities across the state.

SOURCE New Jersey Community Capital