Fannie Mae has awarded its latest "community impact" pool of nonperforming loans to an affiliate of the nonprofit New Jersey Community Capital.

The Community Loan Fund of New Jersey won the pool of 120 loans secured by properties in the Miami area. The pool has an unpaid principal balance of $20.3 million, and the cover bid price for the pool was equivalent to 56.6% of the unpaid principal balance.

The average loan size in the pool is just over $169,000, and the weighted average delinquency is 42 months. Additionally, the weighted average note rate for the pool is 5.23%.

This is the fifth "community impact" pool that Fannie Mae has auctioned, and the fourth of these pools to be won by New Jersey Community Capital either outright or through an affiliate. The community impact pool program was created to garner interest from nonprofits, smaller investors and minority- and women-owned businesses.

The pool was marketed in collaboration with Wells Fargo Securities and The William Capital Group beginning in early August. The transaction is expected to close Nov. 22.

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