Community Leadership Awards
Meet the creative community leaders who make our cities beautiful and equitable.
Community Asset Preservation Corporation (CAPC)
CAPC is a public-purpose, nonprofit organization whose mission is to stabilize neighborhoods and protect households made at risk by mortgage foreclosures, assist homeowners to avoid foreclosure, return vacant foreclosed property to productive reuse efficiently and equitably, and increase the availability of affordable housing.
The goals of the CAPC are to:
-Rapidly and at a meaningful scale acquire property that is at some point along the foreclosure track.
-Preserve the assets and financial integrity of at-risk resident homeowners
-Maintain properties to preserve their value and minimize neighborhood harm
-Re-convey property to appropriate agents to be put back into productive use in an equitable manner.
-Provide capacity building assistance to partner Community Development Corporations
CAPC will acquire at deep discount nonperforming residential mortgages or bank-owned, foreclosed residential property (REO) in low- to moderate-income communities, primarily in Newark and Urban Essex County, New Jersey. These properties will be returned to productive use through a variety of strategies, including:
-Refinancing or modification of loans to resident homeowners
-Sale of property to affordable housing developers or other entities
-Sale of property directly into the market
-Demolition of property
-Conveyance of property to land banking
The elements of the CAPC include a unique valuation and acquisition approach, a proactive asset management program, non-traditional financing strategy and a multi-part, mixed-market disposition strategy. All these elements are being modeled for replicability and are designed to be scaled.
Read more about CAPC here.
For more information, contact:
Community Asset Preservation Corporation
59 Lincoln Park, Suite 50
Newark, NJ 07102