Habitat for Humanity of Greater Newark said it was recently awarded $523,300 in Fiscal Year 2023 Neighborhood Revitalization Tax Credit project funding by the New Jersey Department of Community Affairs.
The NRTC program is designed to foster the revitalization of New Jersey neighborhoods. Each year, credits are provided to business entities that invest in the revitalization of low- and moderate-income neighborhoods in eligible cities.
Funds were designated to HFHGN’s neighborhood revitalization program in Newark this year by: Provident Bank ($100,000), Valley National Bank ($50,000) and Columbia Bank ($45,000). In addition, HFHGN was awarded Corona Virus State and Local Fiscal Recovery Funds, for a total award of $523,300.
“Our neighborhood revitalization program in the West & Central Village aims to foster the potential of this distressed neighborhood by stimulating homeownership, economic growth, and ensure that basic needs are met,” Jeffrey Farrell, CEO of HFHGN, said. “By layering public and private funding, we can sustain our programs and services to serve more families in need. The positive impact that our programs have on the residents of these communities exemplifies our commitment to giving back to the communities in which we serve. Our Community Resource Hub has been a lifeline to the residents of the West & Central Village and NRTC funding will ensure that we continue to create healthy, safe and productive living for the residents here.”
HFNGN also plans to utilize the funding to develop additional housing in the West & Central Village, where predevelopment is already under way, and continue construction on two side-by-side duplexes in the neighborhood. Projects will be constructed to Energy Star standards and sold to low- to moderate-income residents. HFHGN will also continue to provide critical repairs for neighborhood residents, seniors and veterans at risk of homelessness.