For Immediate Release:
September 22, 2005

New Jersey Association of REALTORS^® Housing Opportunity Foundation, Inc. Presents Check to New Jersey Community Capital

Donation Supports Affordable Homeownership and Rental Opportunities

(Edison, NJ) Trustees of the New Jersey Association of REALTORS^® Housing Opportunity Foundation, Inc. (NJARHOF) presented New Jersey Community Capital with a check for $52,428, an amount that represents one dollar for each member of the New Jersey Association of REALTORS^®. The funds will be used for the Neighborhood Development Initiative Predevelopment Loan Partnership Program. The Neighborhood Development Initiative provides predevelopment funds for affordable housing developed by nonprofit and community-based organizations.

"The Housing Opportunity Foundation trustees believe that everyone has the right to live in a safe and affordable home. Through our partnership with New Jersey Community Capital we are able to pool our resources and create greater opportunities for families to live in an apartment or single family home that fits within their budget," said NJARHOF President Christina Clemans.

Last year's contribution to the Neighborhood Development Initiative enabled New Jersey Community Capital to secure the financing for a number of projects that provide rental and homeownership opportunities to low- and moderate-income families. Examples of the projects utilizing Foundation funds include: F. Berg Hat Factory, a development of 29 apartments in Orange, NJ; 10 rental apartments on William Street and Glen Ridge Avenue in Montclair, NJ; and Swan Homes, a development of two single family homes in Pleasantville, NJ.

"This generous contribution underscores the importance of providing funds to build and preserve decent, affordable homes. NJARHOF's leadership in this effort allowed us to leverage their dollars to increase the capitalization of the fund thereby enabling more to get accomplished," said Amanda Blagman, managing director of New Jersey Community Capital's Community Consulting Unit.

NJARHOF is a nonprofit 501 (c) (3) charitable organization whose mission is to create more opportunities for home ownership in New Jersey. The Foundation raises funds for housing opportunity and distributes these funds to other 501 (c) (3) organizations throughout the state that provide home buyer education, develop public awareness and create affordable home ownership options for working New Jerseyans. The Contribution forms are available on the NJAR web site at www.njar.com/njarhof.shtml. Donations in any amount are welcome. Contributions can be mailed to: New Jersey Association of REALTORS^® Housing Opportunity Foundation, Inc., P.O. Box 2098, Edison, NJ 08818.

New Jersey Community Capital is the trade name utilized by Community Loan Fund of New Jersey, Inc. and its affiliates for its financial and consulting products and services. New Jersey Community Capital's mission is to facilitate the flow of money and knowledge to create wealth and well-being in communities. Since its founding, New Jersey Community Capital has committed financing for nearly 450 projects totaling approximately $86 million in the housing, community services and small business sectors.

The New Jersey Association of REALTORS^® is a non-profit organization serving the professional needs of approximately 52,000 REALTOR^® and REALTOR-ASSOCIATE^® members in the state. REALTOR^® is a registered collective membership mark which may be used only by real estate professionals who subscribe to the REALTOR^® organization's strict Code of Ethics and are members of the National, State and Local REALTOR^® organizations.

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