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Elizabeth Development Company
Elizabeth NJCDFI Awards for Elizabeth Development Company
NMTC (2007) - $25,000,000
The Elizabeth Development Company ("EDC") will utilize 100% of its allocation to provide flexible debt investments to enhance communities designated as “redevelopment areas” by the city of Elizabeth, NJ. EDC will provide below-market rate, subordinate loans that will close financing gaps and attract stable retailers to highly distressed areas of Elizabeth. This retail will anchor these communities and serve as a catalyst for growth and quality housing. The NMTC investments will be coordinated with several municipal and state initiatives, and will qualify as “New Jersey Smart Growth Developments” – which focus on preserving open space and environmental resources.
NMTC (2006) - $10,000,000
The Elizabeth Development Company ("EDC") will utilize 100% of its allocation to provide flexible debt investments to enhance communities designated as “redevelopment areas” by the city of Elizabeth, NJ. EDC will utilize the NMTC to provide below-market rate, subordinate loans to attract quality retail tenants to the designated redevelopment areas. This subordinated debt will provide the necessary gap financing to attract stable retailers, which will serve as catalyst for economic growth within these highly distressed areas of Elizabeth.
Other Community Development Financial Institutions in New Jersey
Elizabeth Development Company
Elizabeth
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