There was nearly $1 million for the Community Loan Fund of New Jersey in Trenton, the New Jersey Community Development Corp. in Jersey City, the New Jersey Community Development Corp. in Paterson and the Parkside Business and Community Partnership in Camden.
There were big awards to community-based nonprofits in Atlantic City, Elizabeth, Newark and other cities, too.
All told, the Department of Community Affairs — thanks to corporate foundation contributions from some of the state’s largest and most influential companies — gave $11.4 million in funding awards last week to 18 community-based nonprofit organizations across the state through the Neighborhood Revitalization Tax Credit Program.
Lt. Gov. Sheila Oliver, who serves as DCA commissioner, said the nonprofit organizations will use the funding to implement revitalization plans that address housing and economic development, as well as complementary activities such as social services, recreation activities and open space improvements.
She thanked New Jersey companies for stepping up, too.
“Public-private partnerships are a key mechanism for creating affordable housing opportunities and spurring economic growth,” she said. “The Neighborhood Revitalization Tax Credit Program is one of the best public-private partnerships in the state, because everyone wins.
“Corporations that participate get a tax credit and contribute to neighborhood redevelopment programs of their choosing; nonprofit groups with a proven track record of helping their communities get much-needed dollars; and residents get a better neighborhood.”
The program works this way:
Administered by DCA’s Division of Housing and Community Resources, it is designed to spur the renewal of distressed neighborhoods through strategies developed by residents and the community-based nonprofit organizations that assist them.
These local organizations prepare, submit and receive approval from DCA for multiyear revitalization plans for the neighborhoods they serve. The approved projects are listed in a qualified projects pool, from which companies choose the ones they want to financially support. The NRTC funds must be used by the nonprofit groups for projects and activities set forth in the approved neighborhood plans.
The funds originate from corporations, which receive a 100% tax credit against various New Jersey state taxes for the amount of funds contributed to the NRTC Program.
Possible uses of NRTC funds by nonprofit organizations include:
- Construction and rehabilitation of affordable housing units;
- Creation of commercial facilities;
- Assistance to small businesses and microenterprises;
- Employment training;
- Open space improvements;
- Social and community services;
- Recreation activities;
- Crime prevention activities;
- Community outreach activities.
Janel Winter, director of DCA’s Division of Housing and Community Resources, said the DCA is thrilled to oversee this program.
“We’re pleased to serve as the bridge between companies and local nonprofits to foster revitalization activities that work,” she said.
Here’s a look at the neighborhoods that are benefiting from the awards, and the corporations that helped contribute.
- Atlantic City (Chelsea): Atlantic City Development Corp. ($681,250) — Companies: Horizon Healthcare, OceanFirst Bank, PNC Bank
- Camden (Cooper Plaza): Cooper’s Ferry Partnership ($543,750) — Companies: Horizon Healthcare, NJM Insurance, PNC Bank, Selective Insurance
- Camden (East Camden): Saint Joseph’s Carpenter Society ($646,667) — Companies: Campbell Soup Co., M&T Bank, TD Bank
- Camden (North Camden): Camden Lutheran Housing Inc. ($850,000) — Companies: Campbell Soup Co., Public Service Enterprise Group
- Camden (Parkside): Parkside Business & Community Partnership Inc. ($985,000) — Companies: New Jersey American Water, Campbell Soup Co.
- Elizabeth (Historic Midtown): Development Co. of New Jersey ($426,250) — Companies: Investors Bank, PSEG, Valley National Bank
- Jersey City (Greenville): Garden State Episcopal Community Development Corp. ($821,666) — Companies: Investors Bank, M&T Bank, Provident Bank, TD Bank, Valley National Bank
- Newark (Fairmount): Urban League of Essex County ($391,250) — Companies: Horizon Healthcare, Investors Bank, PSEG, Valley National Bank
- Newark (Lincoln Park): Lincoln Park Coast Cultural District Inc. ($607,917) — Companies: Horizon Healthcare, Provident Bank, RCC Builders & Developers, TD Bank, Valley National Bank
- New Brunswick (Esperanza): New Brunswick Tomorrow ($750,000) — Companies: Investors Bank, M&T Bank, NJM Insurance, PNC Bank, Provident Bank, PSEG, Valley National Bank
- New Brunswick (Unity Square): Catholic Charities, Diocese of Metuchen ($291,250) — Companies: Horizon Healthcare, Investors Bank
- Paterson (Greater Spruce Street): New Jersey Development Corp. ($985,000) — Companies: Sterling National Bank, RCC Builders & Developers
- Paterson (Northside): Paterson Habitat for Humanity Inc. ($887,715) — Companies: Express Scripts, Investors Bank, M&T Bank, Provident Bank, TD Bank, Valley National Bank
- Perth Amboy (P.A.A.C): Jewish Renaissance Foundation Inc. ($261,035) — Companies: Investors Bank, PNC Bank
- Phillipsburg (Parnassus): NORWESCAP ($190,000) — Companies: PNC Bank, Provident Bank, Valley National Bank
- Salem (Oak to Olive): Stand Up For Salem ($315,000) — Companies: PSEG
- Trenton (East Trenton): Community Loan Fund of New Jersey Inc. ($985,000) — Companies: CURE Insurance, Customers Bank, Horizon Healthcare, NJM Insurance, NJ PURE Insurance, PNC Bank
- Trenton (Old Trenton): Isles Inc. ($781,250) — Companies: Horizon Healthcare, M&T Bank, NJM Insurance