Nonprofit Finance Fund (NFF) has announced commitments totaling $5.5 million from the Robert Wood Johnson Foundation (RWJF) in support of nonprofit property ownership in New Jersey.

A program-related investment of $5 million in loan funds will support NFF lending to community development corporations, community land trusts, and faith-based and other nonprofit organizations pursuing property ownership for long-term community well-being. NFF also will receive a $500,000 grant to fund the implementation of the initiative. As part of a newly launched program to support community-centered real estate ownership and development—Building Equitable Assets for Communities and Nonprofits (BEACoN)—NFF will add its own capital to maximize the value of the investment.

According to NFF, New Jersey has one of the starkest wealth gaps in the country, in large part due to its history of government redlining policies that excluded communities of color from home ownership. Designed to help communities gain control of assets that help them build wealth and power—such as land, buildings, and facilities—BEACoN will support asset ownership by nonprofits led by people of color and provide tailored assistance to organizations in planning for the opportunities and risks of asset acquisition.

“To serve their communities, nonprofits need to ensure they won’t be displaced by rising rents—and property ownership helps provide that security,” said NFF vice president Jennifer Kawar. “We are grateful to RWJF for this critical investment, which will help New Jersey nonprofits to acquire facilities that will ensure they can reliably deliver services, provide residents with jobs, and build community power.”

(Photo credit: Getty Images/James Andrews)