TD Bank making massive $2B commitment to low- and moderate-income communities in N.J. |
ByTom Bergeron Community Reinvestment Act, to be announced Monday morning, includes funding for affordable housing, mortgage assistance, small business support and other commitments TD Bank and two prominent consumer and housing advocates will announce a massive and potentially transformational three-year, $2 billion Community Investment Act agreement Monday morning. The agreement, which TD Bank is making in partnership with New Jersey Citizen Action and the Housing and Community Development Network of New Jersey, includes commitments from TD Bank for investments in affordable housing, affordable mortgage lending, small business lending and other community development projects that will have a significant economic impact on low- and moderate-income communities and communities of color throughout New Jersey. More specifically, the agreement will include:
The announcement will come at the Highland Park office of New Jersey Citizen Action and is expected to feature:
While New Jersey is well known as being a progressive state, it has struggled to be an area where low- and moderate-income families have been able to flourish. In one ranking, New Jersey is rated as the seventh-worst state in terms of key cost indicators such as affordable housing, making community reinvestment agreements critical to providing struggling neighborhoods with the opportunities they need to prosper. Mottola Jaborska said agreements such as this can help change those metrics. She applauded TD Bank for its New Jersey-specific efforts. “TD Bank is specifically investing directly into communities that are in need,” she said. “That’s the big deal here. This will be incredibly impactful.” |