Valley Bank makes $1M investment in New Jersey neighborhood tax credit program

Valley Bank on Thursday said it invested $1 million in the 2023-2024 Neighborhood Revitalization Tax Credit. Administered by the state Department of Community Affairs, the bank’s investment has been allocated to support six nonprofits working in eligible neighborhoods across Warren, Union, Passaic, Essex and Middlesex counties.

The new funds add to the more than $7.5 million the bank has already invested in New Jersey communities through the program.

The NRTC program offers businesses the opportunity to use New Jersey state tax credits toward investments in neighborhood-based nonprofit organizations that are actively revitalizing neighborhoods guided by a DCA-approved, resident-driven revitalization plan.

“Since its inception in 2002, the NTRC program has become one of the most successful public-private programs furthering community development and neighborhood change in New Jersey,” Bernadette Mueller, Valley’s executive vice president and chief corporate social responsibility – CRA officer, said. “We are grateful for the NRTC program, its administration by the DCA and all its nonprofit partners who continue to further revitalization goals across our New Jersey communities.”

The following have been awarded funds:

  • Norwescap and the South Main Street Neighborhood, Phillipsburg, will use the funds to support homeownership through new construction and a Community Economic Development Incubator Kitchen. Norwescap acquired a vacant former restaurant on Main Street in 2022 and intends to transform it into a community hub to support microenterprises, and increase community engagement.
  • The Elizabeth Development Co. partnered with the Institute of Music for Children to advance economic development through the arts. NRTC funds will be applied to the first of three phases of a $50 million development of IMC’s arts-cultural three-acre campus on the former Third Westminster Presbyterian Church site. IMC serves nearly 600 students, mostly from Elizabeth, through its Afterschool and Summer Institutes.
  • New Jersey Community Development Corp.’s project in the Great Falls neighborhood of Paterson serves more than 4,000 children and families. The 23-24 Great Falls Gateway Enhancement Project will demolish a problematic property and construct a new, mixed-use building at the site with 11 units of housing and ground floor retail space. Additional program support will further NJCDC’s educational, job training and microenterprise development services for youth and young adults offered at the Great Falls Education and Training Center as well as additional resident-led initiatives.
  • New Brunswick Tomorrow’s Esperanza majority-Latino neighborhood will use the funds for community improvements, including affordable housing through the construction of supportive rental apartments, a new food business incubator program for entrepreneurs, a summer programming for youth and other community building activities.
  • Clinton Hill Community Action will use the funds for affordable housing development and homeownership in the Upper Clinton Hill neighborhood in Newark. CHCA’s revitalization work also includes Creative Placemaking through art programming and improves access to fresh food through urban agriculture and farmer’s markets.
  • Urban League of Essex County is revitalizing Newark’s Fairmount Heights neighborhood through its homeownership and workforce training programs.