Jan-07-08 DCA Announces New Partnership to Revitalize Asbury Park
DCA Announces New Partnership to Revitalize Asbury Park
Selective Insurance Company of America Invests $119,000 in NRTC Program
TRENTON, N.J. – Highlighting the state’s commitment to revitalizing neighborhoods, the New Jersey Department of Community Affairs (DCA) and Selective Insurance Company of America today announced a new partnership that will support the work of Interfaith Neighbors, Inc., a local nonprofit community development organization.
“At DCA, we are dedicated to rebuilding our state one community at a time,” said Acting Commissioner Joseph Doria. “The Neighborhood Revitalization Tax Credit Program gives businesses and nonprofits the tools they need to work together to build strong partnerships and implement comprehensive community revitalization.”
Selective has committed $119,000 to the NRTC Program. For its investment, the company will receive a 100 percent state tax credit against business-related income.
“We are honored to be part of this important initiative that works to improve the quality of life for New Jersey residents,” said Sharon Cooper, Selective’s chief marketing and communications officer. “We would like to especially thank Gavin Gatta of Smith, Gatta, Gelok, Inc., one of our independent insurance agency partners, for introducing us to this worthwhile endeavor. Everyone benefits when we work together to make our communities better and safer places to work and live.”
Selective’s investment will support Interfaith Neighbors Inc.’s revitalization efforts in the West Side neighborhood of Asbury Park. Initiatives include the construction of seven new units of affordable housing, refurbishing the indoor pool at the Boys and Girls Club of Monmouth County, making improvements at the Asbury Park Little League field, renovating a building to house new youth programs for the Asbury Park Police Athletic League and installing surveillance cameras in high crime areas in partnership with the Asbury Park Police.
The Neighborhood Revitalization Tax Credit was developed in 2002 to provide tax credit incentives to businesses that contribute to the community development efforts of participating 501(c)(3) organizations. Funds are passed through DCA to nonprofit organizations that have received department approval for their neighborhood revitalization projects. Projects may include economic development, workforce development, open space, social services, business assistance and other activities that promote neighborhood revitalization.
The 100 percent tax credit is available to businesses that invest between $25,000 and $1 million per year. A total of $10 million per year is available in state tax credits to businesses participating in the program, generating up to $10 million for nonprofit organizations.
For more information about DCA’s NRTC Program, log on to www.nj.gov/dca/dcr/nrtc/.
Selective Insurance Group, Inc. is a holding company for seven property and casualty insurance companies rated A+ (Superior) by A.M. Best. Through independent agents, the insurance companies offer primary and alternative market insurance for commercial and personal risks, and flood insurance underwritten by the National Flood Insurance Program. Other subsidiaries of the company provide claims, human resources and risk management services. Selective maintains a website at www.selective.com.