Financial Services
By 1998, New Community further expanded its presence in the financial services field (it opened a credit union for residents, employees and families otherwise served by NCC in 1985). It began two new programs, the first offering loans for the start-up or expansion of small businesses that create jobs for Newark area residents. The second venture, called Garden State Affordable Housing, matched investors interested in federal low-income housing tax credits with developers of low-income housing throughout the State of New Jersey, operating as an investment pool. This mechanism provides much-needed financing for the development of affordable rental housing.
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