Neighborhood Revitalization Tax Credit Program

Program Overview:

The Neighborhood Revitalization Tax Credit Program (NRTCP) is a designed to foster the revitalization of New Jersey’s distressed neighborhoods. The Program offers business entities a 100 percent tax credit against various New Jersey state taxes. Credits are provided to business entities that invest in the revitalization of low- and moderate-income neighborhoods in eligible cities. Sixty percent of the tax credit funds must be used for activities related to the development of housing and economic development. The remaining balance may be used for complementary activities such as the provision of assistance to small businesses, removing barriers to self-sufficiency, and promoting the integration of mixed-income neighborhoods.

A total of $10 million per year is available in tax credits, which is expected to leverage more than $100 million in total grants, loans and equity investments in those neighborhoods.

In order to qualify for this tax credit investment, a not-for-profit entity must choose a neighborhood, prepare a neighborhood revitalization plan and submit the plan to the Department of Community Affairs (DCA) for approval. Once DCA has approved the plan, the entity can then prepare and submit a specific project for DCA approval, which will include implementation strategies and demonstrate how the project will specifically use the tax credit investments. Each approved project can qualify for up to $1 million in tax credit investments.

If you are interested in receiving a copy of the regulations governing the program, please call the New Jersey Department of Community Affairs, Division of Community Resources at (609) 292-6831.

NRTC Guides for Businesses and Community Groups:

• NRTC Guide for Businesses (PDF 849 kb)
• NRTC Guide for Community Groups (PDF 772 kb)

NRTC Eligible Municipalities:

• List of Neighborhood Revitalization Tax Credit Eligible Municipalities - Current as of 5/1/08 - (MS Word)

Guidelines, Instructions and Forms for non-profits and businesses:

• Neighborhood Revitalization Tax Credit (NRTC) Planning Grant Application and Instructions (SAGE)
• Neighborhood Revitalization Tax Credit (NRTC) Project Application and Guidelines (SAGE)
• Neighborhood Plan Application Submission Guidelines and Application Forms (MS Word)
• Business Application for Tax Credit (MS Word)
  

Act Governing Neighborhood Tax Credit Program:

• Act Amending State Tax Credit for Neighborhood Revitalization to 100% (PDF 11 kb)
• Neighborhood Revitalization Tax Credit Final Rule Adoption (PDF 132 kb)

Clearinghouse of NRTC Plans, Projects and Business Entities:

• Clearinghouse Document (PDF 14 kb)

List of NRTC Project in Need of Investors

Frequently Asked Questions about Neighborhood Tax Credit Program:

• FAQ's about NRTC
• Eligible Project Activities and Criteria for Qualifying Projects - (MS Word)

Additional Funding Opportunities to Support the NRTCP:

• The Wachovia Regional Foundation
  Provides Neighborhood Planning Grants to support the development of resident-driven neighborhood plans that take a comprehensive approach to community revitalization. For more information visit www.wachovia.com/inside/page/0,,139_414_431,00.html.
• PSEG
  Provides resources to assist communities in obtaining self-sufficiency through the Urban Development Program. For more information visit www.pseg.com/community/urban/overview.jsp.
• Charles Stewart Mott Foundation
  The Pathways Out of Poverty program provides funding to support efforts to help ordinary citizens to strengthen communities, enhance participation in educational opportunities and attain economic self-sufficiency by engaging more fully in the economy. For more information visit www.mott.org.
  

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Department of Community Affairs
P. O. Box 800
Trenton, NJ 08625-0800

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