The New Jersey Treasury Department issued a notice of investment opportunity for the $20 million Social Impact Investment Fund (SIIF).

The Murphy administration says the May 21 announcement marks a crucial next step toward its goal of expanding capital access for underserved and underinvested communities around the Garden State.

Treasury oversees the fund. It aims to finance projects in these underserved areas that create affordable housing, strengthen local infrastructure and develop early childhood education centers.

According to Treasury, the notice seeks a fund manager to oversee the money appropriated to the state’s first socially motivated public finance vehicle. The SIIF will leverage funding from outside investors and provide below-market capital to projects that further its goals.

Additionally, a steering committee comprised of Treasury representatives and relevant state agencies will provide guidance to the fund manager.

“This is a significant step towards the creation of a socially motivated, public financial tool that will help invest in communities throughout New Jersey that have historically been underserved and underinvested,” said Gov. Phil Murphy. “With Treasury’s guidance, the selection of a fund manager will set the wheels in motion to bring critical capital to these communities – laying the groundwork for a public banking model in New Jersey.”

The deadline to respond is July 19 by 3:00 p.m. More information and the full notice is available here.