Provident Bank has awarded $475,000 in funding to five nonprofit organizations as part of the New Jersey Department of Community Affairs’ Neighborhood Revitalization Tax Credit Program for Fiscal Year 2022.
The nonprofit organizations will use the funding to implement revitalization plans that address housing and economic development, provide opportunities for entrepreneurs to start businesses and job training for local residents, as well as complementary activities such as social services, recreation activities and open space improvements.
The New Jersey Department of Community Affairs served as the intermediary agency between the nonprofit organizations and Provident Bank.
NRTC program funding from Provident Bank has been awarded by the department to the following nonprofit organizations:
- Garden State Community Development Corp. (Jersey City): $100,000 for the I Love Greenville Community Plan 2022;
- Jewish Renaissance Foundation (Edison): $75,000 for the Perth Amboy Alliance for Community 2022;
- Lincoln Park Coast Cultural District (Newark): $100,000 for Lincoln Park 2022;
- New Brunswick Tomorrow (New Brunswick): $100,000 for the Esperanza Neighborhood Collaborative 2022;
- Paterson Habitat for Humanity (Paterson): $100,000 for Northside Homes & Green Spaces for Everyone.
Joseph Spatola, the chief compliance and Community Reinvestment Act officer at Provident, said the bank is proud to support these worthy nonprofit organizations,
“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,” he said.
The NRTC program, which is administered by DCA’s Division of Housing and Community Resources, is designed to spur the renewal of neighborhoods at risk of experiencing a downturn. It accomplishes this through strategies developed by local residents and community-based nonprofit organizations that assist them, as well as through financial contributions from corporations.
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.
