CAPC was designed to acquire pools of nonperforming residential mortgages or foreclosed, real estate owned residential property in low- to moderate-income communities. The initial goal of the organization was to recover up to 500 living units in the first five to seven years.
CAPC was created out of a large-scale foreclosure mitigation initiative begun by Housing and Neighborhood Development Services Inc. (HANDS). Operation Neighborhood Recovery (ONR) created the vision and secured the financing to purchase 47 properties throughout Essex County. Since purchasing properties in March 2009, almost 90 percent of the 47 units have been returned to active use as quality affordable rental or for sale housing. Of the 47 units, 32 were sold to CDCs or mission-based for-profit entities and nine were rehabbed by CAPC and HANDS.
In late 2009, as the work with HANDS on ONR progressed, CAPC began merger discussions with New Jersey Community Capital (NJCC). NJCC had been the leading funder of ONR and had been providing funding for similar community investment for more than 20 years. Aligning with NJCC gave CAPC a statewide reach, a robust balance sheet, and existing relationships with many public, private, and nonprofit organizations.