Fannie Mae announced it named New Jersey Community Capital, a non-profit Community Development Financial Institution, as the winning bidder on the company’s second Community Impact Pool of non-performing loans.

The government–sponsored enterprise first announced the sale of non-performing loans on Jan. 12, which included a second sale of a smaller pool of non-performing loans that is specifically targeted for placement with “smaller investors, non-profit organizations and minority- and women-owned businesses.”

NJCC purchased these loans through its affiliate, the Community Loan Fund of New Jersey, and the transaction is expected to close on April 21, 2016.

The sale includes 53 loans on properties in the Miami area with an unpaid principal balance of approximately $13.2 million. 

The cover bid price for this pool was 50.51% of unpaid principal balance (69.00% of the broker’s price opinion). 

Features of the pool include an average loan size of $250,209, with an average note rate of 5.83%. The average delinquency of the loans was over 5 years (approximately 69 months) with an average broker’s price opinion loan-to-value ratio of 137%.

NJCC also previously purchased Fannie Mae’s first Community Impact Pool.

“We’re pleased that New Jersey Community Capital continues to be an active participant in our non-performing loan sales as part of their continuing efforts to help stabilize neighborhoods,” said Joy Cianci, senior vice president, credit portfolio management, Fannie Mae. “This sale was designed to give homeowners as many options as possible to avoid foreclosure. Fannie Mae will continue to seek opportunities for a diverse range of buyers to participate in our sales of non-performing loans.”

Fannie Mae noted that the sale was marketed in collaboration with Bank of America Merrill Lynch and First Financial Network.