12/10/14

The Housing and Community Development Network of New Jersey (the Network) today released a study on the economic impact community development corporations (CDCs) have had on New Jersey over the last 25 years. The study, Stronger Together, found that nonprofit community developers have made a $12 billion dollar impact on New Jersey’s economy through the creation of jobs, tax revenue, affordable homes, small business development, and neighborhood revitalization.

“New Jersey has over 250 community development corporations that make our municipalities and neighborhoods better and grow our state and local economy, said Staci Berger, president and chief executive officer of the Network. “CDCs made a $12 billion dollar impact on this state’s economy, and they have also made an impact directly on lives of thousands of residents through the construction and rehabilitation of 21,000 affordable homes.”

According to the study, since 1989, NJ CDCs created 82,000 jobs, provided job training for more than 10,500 local residents, employed 10,000 permanent staff members, and contributed $5.5 billion in worker wages and in contracts with NJ businesses. CDCs have also built over 3.7 million square feet of commercial space for new and expanding small businesses. Even though CDCs are exempt from some taxes as non-profits, the study found that CDC activities have generated $320 million in state tax revenue. Over 120 respondents provided detailed information for the study on construction and rehabilitation developments they have undertaken over the past 25 years.

“New Jersey needs investment, said Bill Best, senior vice president of community development banking for PNC Bank. “The state's community development corporations have been investing billions in New Jersey for a quarter century now, building and rehabilitating affordable homes and revitalizing communities. Working together, they help communities navigate the tough times and make the good times work better for everyone.”

Stronger Together was released by Econsult Solutions, Inc. (ESI) and May 8 Consulting at the Network’s Annual Conference and Membership Meeting at the National Conference Center in East Windsor on December 10. Over 150 community developers, housing advocates, elected officials, and service providers attended the conference which was sponsored by PSE&G, TD Bank, Wells Fargo, PNC, and Citi. Special guests included the Deputy Commission of the Department of Community Affairs Melissa Orsen and the Honorable Stephen M. Sweeney, NJ Senate President (LD-3).

“There has not been a more supportive advocacy group in the fight to make our state stronger following Superstorm Sandy than the Housing and Community Development Network of New Jersey,” said Senator Sweeney. “But this work by the Network extends far beyond Superstorm Sandy. What we learn from today’s report, is that community development corporations (CDCs) have played a significant role in moving this state in the right direction. From creating jobs, to revitalizing neighborhoods, to growing our State’s economy – the Network and its members have truly worked to build a better state for every resident. I applaud them for their work and their important impact on our economy.”

In addition to the release of the economic impact report, the Network also honored several distinguished guests for their contributions to the community development sector over the last 25 years. Congresswoman-elect Bonnie Watson Coleman was named 2014 Community Development Champion, and e the Latino Action Network was presented with the 2014 Exceptional Community Partner award. The Network also honored several municipalities for their leadership and commitment to creating affordable homes in their communities. The 2014 Outstanding Municipal Partner award was presented to Roxbury Township, Millstone Township, Princeton, and the City of Jersey City.

To access Stronger Together, contact Nina Arce at [email protected].

The Housing and Community Development Network supports New Jersey’s community development sector, collaborating with more than 250 members including CDCs and other organizations to create affordable homes, expand economic opportunities, and build strong communities. To learn more about the Network, visit www.hcdnnj.org.

For more information:  Nina Arce
(609) 393-3752 x1200
(609) 789-7900
Website:  hcdnnj.org
Twitter site:  twitter.com/hcdnnj
Facebook site:  facebook.com/hcdnnj