Nonprofit Housers Can and Should Do Neighborhood Stabilization

Interview with NJCC’s Wayne Meyer

Wayne MeyerA recent issue of Shelterforce featured an interview with Wayne Meyer, New Jersey Community Capital’s president, Wayne Meyer.

In the fall of 2014, New Jersey Community Capital (NJCC) received a NEXT Award at the Opportunity Finance Network conference.

The 2014 NEXT Awards, sponsored by Wells Fargo, the MacArthur Foundation, and the Kresge Foundation, focused on rethinking housing finance, and they were inspired by NJCC’s ReStart program.

Meyer spoke with Shelterforce about how NJCC “Ended up buying loans in Florida, what surprised them about the loan pools they bought, and what riles him up about how subsidy is used in the affordable housing world. Here’s some of what he had to say.”

Meyer made the following conclusions about on where Community Development Financial Institutions (CDFIs) and Community Development Corporations (CDCs) should be headed,

“I would like them to think about opportunities to be a little more entrepreneurial. Connecting with private capital and doing it in a way that protects balance sheets, while we put our skin in the game. Being a little more entrepreneurial and a little more market-oriented around doing this work, I think is really necessary. There are opportunities out there to be able to do this stuff, but the old models of keying up subsidy, getting a debt silo, having a program, it’s just not going to cut it.”

Click here for the full Shelterforce interview.