The New Jersey Department of Community Affairs awarded $14.25 million in funding to 19 community-based nonprofit organizations across the state through the Neighborhood Revitalization Tax Credit Program, it announced.
This is the largest amount of NRTC funding ever awarded, and also the most organizations to receive funding from the annual NRTC project application cycle.
Funding will be used by the organizations to implement revitalization plans that address housing and economic development, as well as complementary activities such as social services, recreation programs, employment training and open space improvements.
“The Neighborhood Revitalization Tax Credit Program is a longstanding DCA initiative that flat-out works. Year in and year out, it delivers demonstrable results in improving neighborhoods that are vulnerable to decline,” Lt. Gov. Sheila Oliver, who serves as DCA commissioner, said. “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. We look forward to seeing all the good that comes from these revitalization efforts.”
The community organizations prepare, submit, and receive approval from DCA for multiyear revitalization plans for the neighborhoods they serve. The corporations contribute funding to the NRTC Program and, in return, receive a 100% tax credit against various New Jersey state taxes. Every year, projects from the approved revitalization plans are listed in a qualified projects pool, from which corporations choose the ones they want to financially support.
The NRTC funds must be used by the nonprofit organizations for projects and activities that will implement the goals of the approved neighborhood plans.
Possible uses of NRTC funds by the 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; and
- Community outreach activities.
The following neighborhoods are benefiting from FY 2022 NRTC funding awards:
- Atlantic City, Chelsea, Atlantic City Development Corp., 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
- Camden, East Camden, Saint Joseph’s Carpenter Society, 14 Sbar LLC, Campbell Soup Co., $985,000;
- Camden, North Camden, Camden Lutheran Housing Inc., New Jersey American Water, Subaru of America, $985,000;
- Camden, Parkside, Parkside Business & Community in Partnership Inc., Campbell Soup Co., M&T Bank, Subaru of America, $985,000;
- Elizabeth, Historic Midtown, Elizabeth Development Co., Valley National Bank, Wells Fargo Bank, $611,700;
- Jersey City, Greenville, Garden State Community Development Corp., Horizon Healthcare Services, Provident Bank, TD Bank, $422,000;
- Millville, Center City, Holly City Development Corp., 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 Corp.,
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.