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2 Billion Community Reinvestment Act Agreement
• Aug 14, 2023

Highland Park, N.J., August 14, 2023 — New Jersey Citizen Action (NJCA) and the Housing & Community Development Network of New Jersey (HCDNNJ) today announced a three-year, $2 billion voluntary Community Reinvestment Act Agreement with TD Bank, America's Most Convenient Bank®. The agreement, which runs from 2023 through 2025, includes commitments from TD Bank for investments in affordable housing, affordable mortgage lending, small business lending, and other community development projects that will have a significant economic impact on low- and moderate-income (LMI) communities and majority-minority communities throughout New Jersey.

“It's critically important that banks invest equitably in New Jersey’s low- and moderate-income communities, and in communities of color, whose economic struggles were caused by racially motivated exclusion from economic opportunities, including financial divestments by banks,” said NJCA Executive Director Dena Mottola Jaborska. “TD Bank has made a vital, multi-year commitment specifically to the economic well-being of New Jersey’s low- and moderate- income residents during a time when many other banks are mistreating customers and undermining their financial well-being, while also back-peddling on their commitments to communities who are most in need. This sets TD Bank apart from banks that have not been willing to commit to these agreements and sets a standard we hope other banks will soon follow.”

“We applaud the ambitious Community Reinvestment Act agreement among TD Bank, the Housing & Community Development Network of NJ (the Network), and New Jersey Citizen Action,” said Staci Berger, president & CEO of the Network. “This pledge to invest over $2 billion in affordable home ownership, community development, and small business financing for low- and moderate-income communities demonstrates a commitment to close the racial wealth gap and facilitate transgenerational wealth for Black & Brown families, while breaking down the barriers obstructing them from securing safe and affordable homes. The Network and its members call on all major banks to follow TD's important lead in forging close relationships with the community development sector.”

Network vice-president & COO Sharon Barker added, “TD Bank’s critical investments will support Network members that are working to build affordable homes across New Jersey, create opportunities for first-time homebuyer education through HUD-certified housing counselors, and provide affordable banking products for low- and moderate-income households. Network members will be able to expand the guidance and resources they provide to people across New Jersey, assisting even more households in achieving homeownership. We thank TD Bank for signing on to this agreement to help revitalize our neighborhood."

“It is vital that financial institutions invest in the communities where they do business, which is why TD collaborated on this agreement in its headquarters state with New Jersey Citizen Action and the Housing Community Development Network of New Jersey," said Michael Innis-Thompson, Head of Community Lending & Development and Fair Lending Center of Excellence for TD Bank. "This investment reaffirms our continued commitment as a purpose-driven bank to help stabilize, revitalize and accelerate economic prosperity for vulnerable communities. We're proud to be a catalyst for minimizing barriers to financial inclusion and economic equity in our home state of New Jersey."

“This agreement means many more families throughout New Jersey will realize the dream of homeownership, helping ensure financial stability and future prosperity for both themselves and their communities,” said Leila Amirhamzeh, NJCA Director of Community Reinvestment. “Affordable homeownership is key to revitalizing so many of New Jersey’s neighborhoods, and we look forward to working closely with TD Bank on their commitment to this.”

New Jersey is rated one of the worst states in the nation in terms of key cost indicators such as affordable housing, making community reinvestment critical to providing struggling neighborhoods with the opportunities they need to prosper. The agreement includes TD’s commitments to:

Affordable mortgage lending to promote affordable homeownership within New Jersey’s LMI communities through a range of mortgage products for home purchase and refinance.

  • Community development lending and equity investments in New Jersey for affordable and mixed-income housing and other community development purposes developed by nonprofit organizations and for-profit developers.
  • Small business lending within LMI communities and/or those having gross annual revenue of $1 million or less. This commitment will also make available technical assistance in structuring financing alternatives, and to support organizations which provide financial and technical assistance to small, minority and women-owned businesses in urban areas.

Consumer products and services promoting financial capability and education among LMI communities, to ensure greater economic opportunities for these communities.

TD Bank will work closely with NJCA, HCDNNJ, and other community partners, including HUD-certified counseling agencies, to ensure these commitments are effectively implemented. The bank will measure performance against the agreement and provide regular reporting to NJCA and HCDNNJ.

About TD Bank, America's Most Convenient Bank®

TD Bank, America's Most Convenient Bank, is one of the 10 largest banks in the U.S., providing over 9.9 million customers with a full range of retail, small business and commercial banking products and services at more than 1,100 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Auto Finance, a division of TD Bank, N.A., offers vehicle financing and dealer commercial services. TD Bank and its subsidiaries also offer customized private banking and wealth management services through TD Wealth®. TD Bank is headquartered in Cherry Hill, N.J. To learn more, visit Find TD Bank on Facebook at and on Twitter at and

TD Bank, America's Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol "TD". To learn more, visit

About New Jersey Citizen Action

New Jersey Citizen Action is a statewide advocacy and social service organization that advocates for social, racial and economic justice for all while also meeting the pressing needs of low and moderate income New Jerseyans through education and direct service.


Jerome Montes,, 609-540-9197
Momtahina Dehel,, 609-515-5969
Shaun Moran,, 856-558-2759
Nina Rainiero,, 609-789-7900
Martha Gaston,

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