NJCC Closes $8.5M NMTC Financing for Bronx-Based Hip Hop Museum in Major Expansion Move
New Jersey Community Capital (NJCC) has announced the successful closing of an $8.5 million New Markets Tax Credit deal to finance The Hip Hop Museum (THHM)—the cultural centerpiece of the Bronx Point redevelopment. The project reflects NJCC’s growing presence beyond state lines and its focus on capitalizing high-impact, equity-focused developments.
THHM, situated at 585 Exterior Street along the Harlem River waterfront, will serve as an international cultural landmark and anchor institution, projected to attract over 1 million visitors annually. In addition to celebrating Hip Hop culture, the museum will generate lasting community benefits through job creation, tourism growth, and local investment.
The financing, structured by Monge Capital and involving Dudley Ventures, follows years of planning and signals a broader trend of public-private investments reshaping the South Bronx. Bronx Point also includes 542 affordable housing units, retail space, a K–12 charter school, and public green areas.
“This deal reflects what NJCC stands for: place-based impact, cultural empowerment, and economic revitalization in overlooked communities,” said NJCC CEO Bernel Hall.
