Nonprofit report highlights $300M in investments by community corporations in Passaic County

Published September 10, 2015
By Joe Malinconico

 PATERSON – Nonprofit community development corporations have generated about $300 million worth of investments through 65 projects in Passaic County over the past 25 years, according to a report unveiled on Thursday by a statewide organization.

That amounts to about $12 million per year in projects. Those initiatives have produced about 2,300 jobs in the county, according to the report compiled by the Housing and Community Development Network of New Jersey.

Public officials and local civic leaders gathered at the headquarters of New Jersey Community Development Corporation (NJCDC) on Spruce Street in Paterson to discuss the report.

Mayor Jose “Joey” Torres said groups like NJCDC, Paterson Habitat for Humanity and St. Paul’s Community Development Corporation were vital to Paterson because they provide housing and social services.

Barbara Dunn, executive director of Habitat, said she was encouraged by the mayor’s approach towards development in the city. “I truly believe we’re turning the corner,” Dunn said. “I think there’s a new day coming.”

The housing network’s report on Passaic County community development corporations was a supplement to a statewide study the organization released last year. That report said community development corporations had generated $12 billion in projects throughout New Jersey over the past 25 years.

“These mission-driven organizations are creating opportunities for thousands of New Jersey residents while generating much needed tax revenue for Passaic County and all of New Jersey,” said Staci Berger, president of the housing network.