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:
City
|
Neighborhood
|
Nonprofit Organization
|
Contributing Companies
|
Funding Amount
|
Atlantic City
|
Chelsea
|
Atlantic City Development Corporation
|
Fulton Bank, Wells Fargo Bank
|
$985,000
|
Atlantic City
|
Midtown
|
AtlantiCare Foundation
|
Horizon Healthcare Services, Knife and Fork LLC, OceanFirst Bank, TD Bank
|
$540,000
|
Atlantic City
|
Ducktown
|
Atlantic County Economic Alliance
|
Fulton Bank, Parke Bank
|
$521,000
|
Camden
|
Cramer Hill
|
Camden Community Partnership
|
14 Sbar LLC, Holman Enterprises, Horizon Healthcare Services, NJ Casualty Insurance, OceanFirst Bank, Wells Fargo Bank
|
$985,000
|
Camden
|
East Camden
|
Saint Joseph’s Carpenter Society
|
14 Sbar LLC, Campbell Soup Company
|
$985,000
|
Camden
|
North Camden
|
Camden Lutheran Housing Inc.
|
NJ American Water, Subaru of America
|
$985,000
|
Camden
|
Parkside
|
Parkside Business & Community in Partnership Inc.
|
Campbell Soup Company, M&T Bank, Subaru of America
|
$985,000
|
Elizabeth
|
Historic Midtown
|
Elizabeth Development Company
|
Valley National Bank, Wells Fargo Bank
|
$611,700
|
Jersey City
|
Greenville
|
Garden State Community Development Corporation
|
Horizon Healthcare Services, Provident Bank, TD Bank
|
$422,000
|
Millville
|
Center City
|
Holly City Development Corporation
|
Holman Enterprises, OceanFirst Bank, TD Bank
|
$798,396
|
Newark
|
Lincoln Park
|
Lincoln Park Coast Cultural District Inc.
|
Horizon Healthcare Services, M&T Bank, Provident Bank, Valley National Bank
|
$511,893
|
Newark
|
Fairmount
|
Urban League of Essex County
|
Horizon Healthcare Services, Lakeland Bank, Valley National Bank
|
$397,808
|
New Brunswick
|
Esperanza
|
New Brunswick Tomorrow
|
Horizon Healthcare Services, M&T Bank, NJ Casualty Insurance, Provident Bank
|
$482,393
|
New Brunswick
|
Unity Square
|
Catholic Charities, Diocese of Metuchen
|
Horizon Healthcare Services, TD Bank
|
$428,243
|
Paterson
|
Great Falls/ Spruce Street
|
New Jersey Community Development Corporation
|
Lakeland Bank, Sterling National Bank
|
$985,000
|
Paterson
|
Northside
|
Paterson Habitat for Humanity Inc.
|
Columbia Bank, Horizon Healthcare Services, Lakeland Bank, M&T Bank, Provident Bank, TD Bank, Valley National Bank, Wells Fargo Bank
|
$962,102
|
Perth Amboy
|
P.A.A.C.
|
Jewish Renaissance Foundation Inc.
|
Amerigroup NJ, Provident Bank, Valley National Bank
|
$694,465
|
Trenton
|
East Trenton
|
Community Loan Fund of New Jersey Inc.
|
Amerigroup NJ, CURE Insurance, Customers Bank, NJM Insurance, NJ PURE Insurance
|
$985,000
|
Trenton
|
Old Trenton
|
Isles Inc.
|
Holman Enterprises, Horizon Healthcare Services, NJM Insurance
|
$985,000
|