DCA awards $14M, largest funding ever, via Neighborhood Revitalization program

The New Jersey Department of Community Affairs said March 29 that 19 community-based nonprofits will receive funding under the Neighborhood Revitalization Tax Credit (NRTC) Program.

The awards add up to $14.25 million, marking the largest amount of NRTC funding ever distributed, DCA said, and the most organizations to receive funding in the program’s annual project application cycle.

The NRTC Program is administered by the DCA Division of Housing and Community Resources. Its goal is to catalyze the renewal of neighborhoods across the state that are at risk of a downturn through efforts developed by residents and local nonprofits, in addition to financial contributions from businesses. For example, last year, Camden-based American Water said it contributed $950,000 in NRTC funding to improve housing and economic development opportunities in that city’s Parkside neighborhood.

“The Neighborhood Revitalization Tax Credit Program is a long-standing DCA initiative that flat out works,” Lt. Gov. Sheila Oliver, who also serves as DCA commissioner, said in a statement. “Year in and year out, it delivers demonstrable results in improving neighborhoods that are vulnerable to decline. We are incredibly proud to administer this program, which helps promote corporate social responsibility.

“By connecting corporations with meaningful neighborhood projects, residents and small businesses are reaping the rewards of these symbiotic partnerships,” she continued. “We look forward to seeing all the good that comes from these revitalization efforts.”

NRTC funds could potentially be used by participating nonprofits for activities including:

• Building and rehabilitating affordable housing units;
• Creating commercial facilities;
• Assisting small businesses and microenterprises;
• Providing employment training;
• Making open space improvements;
• Improving social and community services;
• Enhancing recreation activities;
• Bolstering crime prevention activities; and
• Improving community outreach activities.

To participate, community organizations prepare and submit multi-year revitalization plans for their neighborhoods for the DCA to approve. Awards must be used for projects and activities that implement the goals of those approved plans.

Corporations that contribute funding to the program receive a 100% tax credit against various New Jersey state taxes, DCA said. Approved project plans are listed in a qualified project pool annually, and corporations can choose the ones they want to support financially.

Neighborhoods benefiting from Fiscal Year 2022 NRTC funding: