New Jersey Community Capital Selects Momentum Advisors to Invest $2.3M to Improve the State’s Charter School Facilities
New Jersey Community Capital (NJCC), the state’s largest community development financial institution (CDFI), announced today that it has selected Momentum Advisors to invest $2.3 million of the $8 million Credit Enhancement Program grant awarded to NJCC in 2016 by the U.S. Department of Education. The grant is to diversify the provision of loan and lease guarantees for developing, expanding and improving public charter school facilities in disadvantaged districts in New Jersey.
NJCC, the leading charter school lender in New Jersey, has provided acquisition, predevelopment, construction, mini-permanent and permanent financing to more than 30 charter schools, creating or preserving more than 18,400 charter school seats — 37% of all seats in the state.
“One of NJCC’s core strategies is to finance high-quality education opportunities for underserved and under-resourced communities. We are thrilled to partner with Momentum Advisors, a Black-owned business, to help us pursue this goal,” said Bernel Hall, president and CEO of New Jersey Community Capital. “Investing the fund with a money manager allows us to increase equity to better fund critical education projects that generate new and better opportunities for New Jersey residents and their children.”
Momentum Advisors, an independent investment advisory and financial planning firm with over $330 million in assets under management, will invest the $2.3 million of grant funds in a conservative treasury portfolio in line with the Department of Education guidelines. The firm is a Securities and Exchange Commission (“SEC”) Registered Investment Advisor (RIA) and is a certified Minority Business Enterprise (MBE) based in New York City.
“We are honored to be selected by NJCC as its investment manager for the Reserve Fund,” said Allan Boomer, Momentum’s founder and chief investment officer. “Since our founding in 2012, we have provided investment and financial advisory services to the nonprofit community, emphasizing diverse organizations and entities that focus on the economic advancement of communities of color. We couldn’t be prouder of the organizations we serve.”