Provident Bank has awarded $475,000 in funding to five New Jersey nonprofits as part of the Neighborhood Revitalization Tax Credit Program, it announced Tuesday.
The bank, based in Jersey City, said in a news release that it made the awards as part of the New Jersey Department of Community Affairs’ program for fiscal 2021. The nonprofits will use the funding for revitalization plans that address housing and economic development, provide opportunities for entrepreneurs and job training for residents, and complementary activities, it added.
The funding includes $100,000 awards to:
- Garden State Episcopal Community Development Corp., Jersey City, for “I Love Greenville Community Plan 2021”;
- Lincoln Park Coast Cultural District, Newark, for “Lincoln Park 2021”;
- New Brunswick Tomorrow, New Brunswick, for “Esperanza Neighborhood Collaborative 2021”; and
- Paterson Habitat for Humanity, Paterson, for “Northside Homes Parks and Microenterprises.”
The funding also includes a $75,000 award to:
- NORWESCAP, Phillipsburg, for “Parnassus 2021.”
“Provident Bank is pleased to support these nonprofit organizations through the NRTC program,” Joseph Spatola, senior vice president, chief compliance and CRA officer, said in a prepared statement. “Our investment in this program is essential to these organizations’ efforts to advance their missions and revitalize their respective neighborhoods, and is consistent with our commitment to helping the communities we serve.”
The NRTC program, administered by the Division of Housing and Community Resources, enables local organizations to develop and implement multiyear revitalization plans. Companies choose the qualified projects they wish to financially support, and receive a 100% tax credit against various state taxes for the funds contributed.