New Fund for Construction of Affordable Housing
June 22, 2020 - New Brunswick, NJ and Orlando, FL: A new $9.5 million revolving capital facility was launched today to focus on new construction of single family residential homes in selected Florida and New Jersey markets. The owner of the fund - Community Asset Preservation Corporation ("CAPC") - has engaged the continuing services of Performance Capital Partners and its team as co-Manager of the new fund.
The new Fund - CAPC SFR Home Impact Fund - will acquire vacant "infill" lots in certain markets and then build new homes to provide new home ownership opportunities to moderate income buyers as part of its community investment and neighborhood stabilization mission. CAPC is the real estate investment division of New Jersey Community Capital - a 30 year old Community Development Financial Institution with over $850 million in capital under management. The sponsor manages investments across 8 states but the majority of the activities are focused in New Jersey and Florida.
The first two homes completed by CAPC in Orlando, FL are pictured below: