Advocates Call for Establishment of Social Impact Investment Fund

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New Jersey Gov.

Phil Murphy wants to create a $20 million fund that would back affordable housing, clean water projects, and other infrastructure projects in cities and towns across the state, the Star-Ledger reports.

According to New Jersey Citizen Action, the Social Impact Investment Fund, or SIIF, would be a first-of-its-kind fund in the US that would leverage private impact investments and direct them to socially beneficial projects.

"This is exactly the kind of alternative finance mechanism cities across New Jersey need for critical investments in low-and moderate-income communities," New Jersey Citizen Action President Phyllis Salowe-Kaye says.

Murphy's budget proposal included $20 million for the SIIF, but advocates want the full amount$30 millionto be included in the budget when it's passed in June.

They say the fund would be able to support affordable housing as well as clean water projects because private lenders often shy away from such projects because of low projections for return on investment and statutory limitations.

The fund would also be able to support school construction in communities in need.

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Advocates Call for Establishment of Social Impact Investment Fund

New Jersey Gov. Phil Murphy wants to create a $20 million fund that would back affordable housing, clean water projects, and other infrastructure projects in cities and towns across the state,...more