April 25, 2012 - DCA Recognizes New Jersey American Water's Participation in Neighborhood Revitalization Tax Credit Program
DCA Recognizes New Jersey American Water's Participation in
Neighborhood Revitalization Tax Credit Program
Investments to Benefit Development of
CAMDEN, N.J. – The New Jersey Department of Community Affairs (DCA) today recognized New Jersey American Water's $750,000 donation through the Department's Neighborhood Revitalization Tax Credit Program (NRTC), which will go to support the construction of Nueva Vida III, a single-family home community in Camden. The development, which broke ground today, is slated to be the nation's first urban neighborhood of water conservation houses.
"We commend New Jersey American Water for its investment in the future of Camden through the Neighborhood Revitalization Tax Credit Program," said DCA Acting Commissioner Richard E. Constable, III. "Because of the company's involvement, 12 individual single family homes will be built to encourage home ownership, and entice homebuyers from outside Camden. An added bonus is that these beautiful homes are being constructed with water conservation in mind."
DCA Assistant Commissioner Ana Montero attended today's program in Camden’s Cramer Hill neighborhood, where she joined with other dignitaries for the ceremonial groundbreaking and to plant flowers to mark the occasion.
"The primary purpose of the Neighborhood Revitalization Tax Credit program is to revitalize neighborhoods. As you can see, a tremendous amount of good can come from this unique program when the corporate community gets involved," she said.
NRTC offers business entities a 100 percent tax credit against various New Jersey state taxes for investing in the revitalization of low-and moderate-income neighborhoods in eligible municipalities. The program pairs community-based nonprofit groups, which have created DCA-approved neighborhood revitalization plans, with corporations that can provide funding for these projects and activities. The DCA oversees the program and process.
Due to the success of the program, the DCA has already reached its $10 million milestone in corporate contributions for state fiscal year 2012, which is the statutory limit.
New Jersey American Water, which is headquartered in Voorhees, NJ, serves approximately 2.5 million people, in 17 counties in the state, supplying water and wastewater service.
The company's $750,000 donation went to the Cramer Hill Community Development Corporation, which has agreed to build all of the homes so that they meet certification by the U.S. Environmental Protection Agency for its WaterSense program. When built, Nueva Vida III will be the first urban neighborhood of homes in the country to be labeled "WaterSense homes" by the EPA.
"The relationship between the DCA, the Cramer Hill Community Development Corporation and New Jersey American Water exemplifies what the NRTC program is all about and showcases the positive role the business community can play in promoting comprehensive community development," said Acting Commissioner Constable.
For more information about the Neighborhood Revitalization Tax Credit Program, please log on to http://www.nj.gov/dca/divisions/dhcr/offices/nrtc.html.