Portfolio Partner Profile
Community Asset Preservation Corporation (CAPC)
In 2017 Calvert Impact Capital in partnership with lead-lender Community Housing Capital originated an acquisition to mini-perm financing facility to support the scale of Community Asset Preservation Corporation's (CAPC) neighborhood stabilization activities (CAPC Asset Stabilization Fund #2 LLC) throughout Hurricane Sandy-impacted counties in New Jersey. CAPC is a non-profit, mission-driven real-estate development organization. A wholly owned subsidiary of New Jersey Community Capital, CAPC partners with local community builders and contractors to rehabilitate and return properties to productive use as quality, affordable housing. By pioneering bulk-purchase real estate acquisitions and joint venture redevelopment partnerships, CAPC has quickly established itself as a national model for foreclosure remediation and neighborhood stabilization. CAPC is the first non-profit of its kind, uniquely equipped with the financial strength, regional reach and real estate expertise to make large-scale impacts on communities hit hardest by the negative effects of foreclosure and abandonment. CAPC continues to expand, incorporating multi-family property acquisition, direct property rehabilitation and scattered-site property management into its toolbox to meet a wide variety of homeownership and rental housing needs in communities across New Jersey. CAPC continues to look for opportunities to meet the housing needs of its community’s most vulnerable populations and plans to provide supportive housing for seniors, disabled individuals and homeless families in the future. With continued growth and versatility, CAPC will have a transformative effect in the stabilization of distressed neighborhoods and will serve as a model for community revitalization across the country.
Featured Impact Story
A rebuilt home is a new opportunity
The affordable duplex that Rosa and Ariel now own in Plainfield is a far cry from the nearby rental apartment they recently left behind, an overcrowded three-bedroom unit they shared with Rosa’s mother, sister and brother. In their only bathroom, the tiles had cracked, and cigarette smoke frequently came into the unit through the vents from the apartment below. “My children needed a safer environment,” says Rosa. Now, her mother and sister live in the second-floor unit of the refurbished duplex. “She’s very helpful with the kids,” Rosa says of her mother. “We like having our own space,” she adds, “but I don’t want her to be far away from me.” The home was one of a series of nine foreclosed and vacant Plainfield properties redeveloped by NJCC’s real estate arm, Community Asset Preservation Corporation (CAPC). CAPC partnered on the project with Greater Plainfield Habitat for Humanity, which marketed the homes and local nonprofit Faith Bricks & Mortar, which partnered on property development and provided counseling to the new homeowners. For Rosa’s family, a rebuilt home is a new opportunity. “We have more responsibility now, but we feel happy,” says Rosa. “We think we’re going to live here for a long, long time.”
Owning their own home was a dream
Monica and Manuel used to own their apartment in San Juan, Puerto Rico. But the ongoing financial crisis and increasing neighborhood violence pushed them to seek security elsewhere. Shortly after the crisis, they moved with their son, Lucas, to a tiny one-bedroom apartment in Elizabeth, New Jersey.
For three years they made it work, but the apartment was simply not enough for a growing family of three with one more on the way. Monica, who grew up in the serene mountains of Puerto Rico, aspired to connect with nature again — and for her children to be able to enjoy the outdoors. After every sacrifice made to start over in New Jersey, owning their own home was a dream. “You miss so many things when you’re away from your country,” says Monica. “Because of that, I needed to be in a home.”
CAPC’s Down Payment Assistance (DPA) Program awarded a $48,500 grant to Monica and Manuel, helping them purchase a home and reduce their monthly mortgage. They were now paying less than their previous rent.
“Lucas always wanted a backyard. It has meant the world to me to give that to him,” says Manuel. Manuel even enjoys mowing the lawn with Lucas there to help. Lucas and his baby sister, Mila, can now grow up participating in Halloween trick-or-treating on their block, a tradition that Monica and Manuel had watched fade away when living in San Juan. Monica savors the peacefulness of the neighborhood and watching their dog, Glitter, scamper around the yard, only occasionally finding his way into the neighbor’s backyard.
Monica and Manuel knew they’d found their home when they could hear the leaves rustling in the trees — just like in the mountains of Puerto Rico. “We are, again, beyond grateful for what you do,” says Monica.