DCA Awards Record Amount of Neighborhood Revitalization Tax Credit Program Funding to Benefit 19 Neighborhoods Across New Jersey
DCA Awards Record Amount of Neighborhood Revitalization Tax Credit Program Funding to Benefit 19 Neighborhoods Across New Jersey
Rejuvenate the Neighborhoods They Serve
TRENTON, NJ – The New Jersey Department of Community Affairs (DCA) today announced $14.25 million in funding awards to 19 community-based nonprofit organizations across the state through the Neighborhood Revitalization Tax Credit (NRTC) Program. 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. The nonprofit organizations will use the funding 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 long-standing DCA initiative that flat out works. Year in and year out, it delivers demonstrable results in improving neighborhoods that are vulnerable to decline,” said Lt. Governor Sheila Oliver, who serves as DCA Commissioner. “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 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 multi-year revitalization plans for the neighborhoods they serve. The corporations contribute funding to the NRTC Program and in return receive a 100 percent 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 benefitting from FY 2022 NRTC funding awards:
| City | Neighborhood | Nonprofit Organization | Contributing Companies | Funding Amount |
|---|---|---|---|---|
| Atlantic City | Chelsea | Atlantic City Development Corporation | 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 | $985,000 |
| Camden | East Camden | Saint Joseph’s Carpenter Society | 14 Sbar LLC, Campbell Soup Company | $985,000 |
| Camden | North Camden | Camden Lutheran Housing, Inc. | NJ American Water, Subaru of America | $985,000 |
| Camden | Parkside | Parkside Business & Community in Partnership, Inc. | Campbell Soup Company, M&T Bank, Subaru of America | $985,000 |
| Elizabeth | Historic Midtown | Elizabeth Development Company | Valley National Bank, Wells Fargo Bank | $611,700 |
| Jersey City | Greenville | Garden State Community Development Corporation | Horizon Healthcare Services, Provident Bank, TD Bank | $422,000 |
| Millville | Center City | Holly City Development Corporation | 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 Corporation | 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 |
More information about the Neighborhood Revitalization Tax Credit program can be found at https://www.nj.gov/dca/divisions/dhcr/offices/nrtc.html.
The Division of Housing and Community Resources is committed to strengthening neighborhoods through the delivery of affordable housing and supportive services and to providing financial and technical assistance to municipalities, community action agencies, and other nonprofit organizations for community and economic development projects that improve the quality of life for residents, especially those who are vulnerable and disadvantaged.
DCA offers a wide range of programs and services, including local government management and finance, affordable housing production, fire safety, building safety, community planning and development, and disaster recovery and mitigation.
