Provident Bank announced on Tuesday it has awarded funding to five organizations as part of the New Jersey Department of Community Affairs, Neighborhood Revitalization Tax Credit program.
The funding includes:
- $100,000 to Catholic Charities Diocese of Metuchen;
- $80,750 to HANDS Inc.;
- $100,000 to Lincoln Park Coast Cultural District;
- $19,250 to the New Jersey Community Development Corp.; and
- $100,000 to Norwescap.
“Provident Bank is pleased to support these valuable organizations through the NRTC program,” Joseph Spatola, senior vice president, chief compliance and CRA officer for Provident Bank, said. “Their efforts are consistent with our commitment to helping the communities we serve.”
The NRTC offers businesses an 80% tax credit for investing in the revitalization of low- and moderate-income neighborhoods in eligible cities. Sixty percent of funds must be used for activities related to the development of housing and economic development, with the remaining balance used for complementary activities. A total of $15 million per year is available in tax credits. The maximum amount per application is $985,000.