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Newark Community Economic Development Corporation: Creative Ways to Fund Development
2nd Annual Development Finance Forum Brings Inside Scoop on Project Funding Sources
November 15, 2016 – Newark, N.J. – On Wednesday, November 9, Deputy Mayor and Director of Newark Economic and Housing Development Baye Adofo-Wilson and President & Acting CEO of Newark Community Economic Development Corporation (Newark CEDC) Scott A. Blow hosted the second annual Development Finance Forum in the thriving heart of downtown Newark. The program drew more than 50 business owners, lenders, community development champions and real-estate owners, developers and attorneys for a morning of insight from experienced development-financing professionals.
The centerpiece was a panel on the federal EB-5 program, which funds much of our nation’s real-estate development activity. Newly reauthorized, EB-5 has drawn more than $3.1 billion in overseas investments to the United States – boosting the economy, generating more than 65,000 U.S. jobs and strengthening real estate development and housing.
said Deputy Mayor Adofo-Wilson. “Every week I’m truly astounded at the type of development that’s taking place in downtown and in neighborhoods. Fostering creative paths to funding for continued development is one way we can keep thriving and spread this amazing prosperity throughout Newark.”
Participants discussed crowdfunding, Israeli corporate bonds, public financing and other innovative funding sources. Newark Community EDC’s Executive Vice President & Chief Real Estate Officer, Carmelo Garcia and Senior Vice President of Real Estate, Jesse Luis served as moderators for this exciting and informative event. Expert panelists included Min Chan, attorney at SkyView Property Advisors & EB-5 Regional Center; Lamont Blackstone, real estate advisor and principal of G. L. Blackstone & Associates; Jeff Monge, managing partner of Monge Capital Group and Mathew Abraham, community development group program manager for the New Jersey Economic Development Authority.
The 2016 Development Finance Forum offered a great opportunity for real estate and development professionals to meet city officials, network with each other and pick up pointers while overlooking the city from the Newark Club’s Metropolitan Room.
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About Newark Community Economic Development Corporation
Newark Community Economic Development Corporation (Newark CEDC) is the primary economic development catalyst for the State of New Jersey’s largest city, Newark. It is organized to retain, attract and grow businesses, enhance small and minority business capacity, and spur real estate development throughout the City’s 20 diverse neighborhoods. As a business development company whose sole client is the City of Newark, Newark CEDC collaborates with the Newark Department of Economic & Housing Development to initiate and execute economic development activities to produce and sustain economic growth, generate jobs and create wealth for the citizens of Newark.