July 2, 2013 - Christie Administration Awards Neighborhood Revitalization Tax Credit Planning Grant To Isles, Inc. of Trenton
Christie Administration Awards Neighborhood Revitalization Tax Credit Planning Grant To Isles, Inc. of Trenton
TRENTON – New Jersey Department of Community Affairs (DCA) Commissioner Richard E. Constable, III today announced a $985,000 Neighborhood Revitalization Tax Credit (NRTC) grant award to Isles, Inc. for improvements to the City of Trenton’s Old Trenton neighborhood. Isles, Inc., a self-help, urban green development organization, will use the funds for the redevelopment of the Trenton’s Stockton Street Apartments and outreach efforts in the surrounding neighborhood. Since the creation of the NRTC program, 24 corporations have contributed $55,746,000 to fund 24 neighborhood revitalization plans in 13 urban municipalities throughout the state.
“The Neighborhood Revitalization Tax Credit program continues to have positive impacts in New Jersey’s urban neighborhoods and has allowed the State to work with local organizations to foster revitalization in communities like Trenton. We are able to continue to invest in innovative ideas that will support New Jersey’s seniors, working families and children,” said Commissioner Constable. “Through this program, the Christie Administration will continue to encourage new housing options, economic development opportunities for small business and improve streetscapes and public open space in neighborhoods.”
Isles, Inc. will acquire and rehabilitate Trenton’s Stockton Street Apartments, currently a mostly vacant 26-unit apartment site scattered throughout ten buildings, into 24 residential units and two retail spaces. Other community outreach efforts will include social service case management for residents along with 15 spots for children to attend an eight-week summer camp.
“The state’s NRTC program gives Isles and our partners the tools to be innovative, entrepreneurial and effective in places that need it most,” noted Martin Johnson, president of Isles, Inc. “We look forward to renovating 10 buildings this year, but we get really excited by the chance to bring a range of investments to this community in the coming years.”
This is the second NRTC grant that Isles, Inc. has received for improvements to the Old Trenton neighborhood. The organization was previously awarded $1 million in funding to bring the Healthy Homes initiative to the neighborhood, create Isles E4 (Energy, Environment, Equity and Employment), and improve Roberto Clemente Park and the YMCA of Trenton.
Other communities that have benefited from the NRTC program include Orange’s Valley neighborhood, Camden’s Parkside neighborhood, the City of Elizabeth’s Elizabethport section, and Newark’s Lincoln Park neighborhood. The NRTC program is administered by the Division of Housing and Community Resources and provides community based non-profit groups with corporate funding for neighborhood revitalization plans. The non-profit organizations agrees to allot at least 60 percent of the funds to housing and/or economic development activities. The remainder may be used for complementary activities such as supportive services, improvements to streetscape and public open space, and community outreach activities.
Companies that fund the program receive a 100 percent tax credit against various state taxes for their investments in revitalizing low-and moderate-income neighborhoods in eligible cities.