As part of Ellavoz’s partnership with NJ Community Capital, we are pleased to highlight the significant achievements of one of their subsidiaries – Community Asset Preservation Corporation’s (CAPC) – NJ- Building Neighborhoods Platform (BNP) that has created thousands of units of healthy, affordable homes.
Both CAPC and Ellavoz believe a place to call home is the foundation upon which families and neighborhoods can build strong and productive communities. Regardless of where we live, opportunity starts at home for all of us. Educational achievement, improved healthcare, academic achievement and better employment begins with an affordable and safe place to call home.
Among the achievements of CAPC)’s– NJ-Building Neighborhoods Platform (BNP) include:
- Managing single-family homes across diverse housing markets in multiple neighborhood requires expertise and operational capacity. Nonprofit housing developers often lack this
capacity to manage scattered-site single-family homes at scale, as well as the financial mechanisms needed to confront many challenges of acquiring, rehabilitating, and managing these properties.
- Without the ability to create a steady pipeline of scattered-site single-family properties for rehabilitation and to successfully manage them at scale, it is impossible for nonprofit (community) builders to change the trajectory of their struggling neighborhood’s housing market. To compete with new institutional investors, New Jersey’s community development corporations (CDCs) need not only need patient, robust capital, but a scaled development model and asset management capabilities. As national nonprofit leaders for the financing, acquisition and redevelopment of scattered-site single-family homes, NJCC and CAPC created the NJ-Building Neighborhoods Platform (BNP) to meet these needs.
- Over the past decade, NJCC and CAPC, have not only created thousands of units of healthy, affordable housing, but have also proven the value and power of renovating and managing
scattered-site single-family homes as a means of stemming foreclosure and disinvestment, and improving community health. Now, NJ-BNP will combine our ability to raise, leverage, and revolve capital and acquire, renovate/construct, and manage scattered-site single-family homes with a unique revolving investment fund and development model. Through capital,
technology, and support provided by the NJ-BNP, NJCC and CAPC will help New Jersey’s nonprofit community builders stabilize their neighborhoods and the financial and physical
health of their residents and communities.
- As the leading nonprofit real estate developer in New Jersey, CAPC has a scattered-site, single- family rental property portfolio of over 500 units. This makes CAPC more than capable of training community builders to be effective property managers and/or directly managing completed rental units, if necessary.
The Ellavoz Shared Values Team is committed to working with communities in NJ to ensure that all our neighbors have a home where opportunity is not only possible but achievable for them. We will be releasing soon a new investment opportunity with CAPC to not only build homes that are affordable but also ensure that opportunity can begin at home for our neighbors.
By Richard Brown