Community Asset Preservation Corporation
REO Preservation Program, Newark, NJ
$5,000,000 Interim Single Family
Purpose: For-sale, Acquisition and Rehabilitation
The Community Asset Preservation Corporation (CAPC) was borne of a concerted effort by experienced community development practitioners, real estate professionals and housing experts in 2009 to reinvent the method by which community development groups stabilize neighborhoods and protect households placed at risk by mortgage foreclosures.
CAPC converts 50-75 vacant and abandoned properties into quality, affordable homes and community assets each year. They acquire bank-owned, foreclosed residential property (REO) and abandoned and neglected residential properties at deep discount in low- to moderate-income communities throughout New Jersey. In support of CAPC’s REO preservation efforts, CHC loaned $5,000,000 to CAPC to put vacant, foreclosed properties in Newark New Jersey back into productive reuse. CHC's loan will revolve at least two times over a three-year period to transform 125 vacant, abandoned or foreclosed units per year. CAPC works primarily in Northern and Central New Jersey’s urban areas where the area median income is $89,100 but their groups tend to work in communities with income ranges in the low- to mid-forties.