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The state’s oldest community bank is spreading its support, doling out funding to 10 nonprofits to help foster local economic activity.

Provident Bank announced awards totaling $950,000 to the groups in March. The funds come as part of the state’s Neighborhood Revitalization Tax Credit Program for fiscal year 2025.

Offered through the state Department of Community Affairs, the NRTC initiative provides businesses a 100% tax credit for funds given to nonprofits carrying out “comprehensive revitalization plans.” Recipient organizations must use at least 60% of the tax credit funds for housing and economic development, according to DCA. The remaining funds can go toward support services or other activities to promote neighborhood revitalization.

According to Iselin–based Provident Bank, the latest recipients will put the awards toward housing, providing opportunities for entrepreneurs as well as job training for local residents. It will also contribute to complementary activities, the financial institution said, such as social services, recreational programs and open space improvements.

Community groups prepare, submit and receive approval for their plans from DCA. Each year, corporations choose plans to support from an approved pool of qualified projects. A total of $15 million per year is available in tax credits. The maximum potential award per application is $1 million.

DCA served as the intermediary agency between the nonprofit organizations and the financial institution.

2025 Provident NRTC funding recipients include:

Clinton Hill Community Action $100,000
For the revitalization of the Upper Clinton Hill neighborhood in Newark

Greater Bergen Community Action $50,000
For improvements to the River to Rail neighborhood district in Garfield

HANDS Inc. $50,000
For advancements to the city of Orange and surrounding neighborhoods

Isles Inc. $150,000
For youth development, community revitalization, wealth innovation and the promotion of healthy living (energy efficiency, open space improvements, access to locally grown food) for residents of downtown Trenton and east Trenton

Jewish Renaissance Foundation $150,000
For the Perth Amboy Alliance for Community 2025

New Jersey Community Development Corp. $100,000
For the improvement of the Great Falls/Spruce Street neighborhood of Paterson

NORWESCAP South Main Street $50,000
For the revitalization of the South Main Street neighborhood in downtown Phillipsburg

NORWESCAP Sussex Borough $50,000
For the revitalization of downtown Sussex Borough

Paterson Habitat for Humanity $150,000
For Eastside Homes, Youth Development & Green Spaces for Everyone in the Northside neighborhood of Paterson

Perth Amboy Redevelopment Team for Neighborhood Enterprise and Revitalization $100,000
For community improvements, housing services and economic opportunities for residents of the Gateway neighborhood of Perth Amboy

“Provident Bank is proud to support these impactful non-profit organizations through the NRTC program,” said Senior Vice President, Chief Compliance Officer Mary Brown. “Our investment in this initiative plays a vital role in helping these organizations fulfill their missions and revitalize their communities, aligning with our ongoing commitment to supporting the neighborhoods we serve.”