November 15, 2013 CHRISTIE ADMINISTRATION AWARDS NEIGHBORHOOD REVITALIZATION TAX CREDIT PLANNING GRANT TO NEW JERSEY COMMUNITY DEVELOPMENT CORPORATION
CHRISTIE ADMINISTRATION AWARDS NEIGHBORHOOD REVITALIZATION TAX CREDIT PLANNING GRANT TO NEW JERSEY COMMUNITY DEVELOPMENT CORPORATION
$741,705 Award Will Assist Nonprofit with Acquisition and Development of Park Corner Apartment and Creation of Paterson University Corps
TRENTON – New Jersey Department of Community Affairs (DCA) Commissioner Richard E. Constable, III today announced a $741,705 Neighborhood Revitalization Tax Credit (NRTC) grant award to the New Jersey Community Development Corporation (NJCDC) for the Park Corner Apartments project and the creation of Paterson University Corps. Since the creation of the NRTC program, 24 corporations have contributed $58,081,000 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 Paterson,” said Commissioner Constable. “Through this program, the Christie Administration will continue to support nonprofits creating affordable housing and economic development opportunities that contribute to the overall revitalization of neighborhoods.”
It is the goal of the Greater Spruce Street Neighborhood Plan to revitalize the neighborhood through the rehabilitation and construction of current structures for affordable housing. NJCDC will purchase a highly-visible vacant, abandoned property located at the gateway of the Greater Spruce Street neighborhood, the historic district and the new national historic park. Park Corner Apartments will be a mixed-use project including affordable housing and retail space. It will substantially impact the neighborhood through the removal of blight, provide a level of safety for pedestrians and children, and provide retail services that will stimulate economic activity and offer employment opportunities to the community. After the property is acquired, NJCDC will demolish the vacant building and do pre-development work for the mixed-use building that will be constructed in a second project phase.
Additionally, as part of Paterson’s neighborhood plan to change the physical, economic and social conditions of the neighborhood, NRTC funds will be used to create Paterson University Corps. This program will recruit students, faculty, staff and alumni of area colleges and universities to volunteer throughout the neighborhood. Volunteers that agree to participate will offer their time to Paterson’s full-service community schools through the before- and after-school program as well as evening, weekend and summer programs. Volunteers will also assist at Paterson’s new Neighborhood Help Center, a one-stop-shop for residents seeking assistance with various services such as English as a Second Language, college/SAT prep, and computer skills training. Paterson University Corps will also develop community gardens and playgrounds throughout the neighborhood.
Other communities that have benefited from the NRTC program this year include the City of Elizabeth’s Elizabethport section, Orange’s Valley neighborhood and Camden’s Waterfront South neighborhood. The NRTC program is administered by the Division of Housing and Community Resources and provides community based nonprofit groups with corporate funding for implementing neighborhood revitalization plans. The nonprofit organizations agree 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.
Funds for this project were contributed by JPMorgan Chase, Lakeland Bank, PNC Bank and Thomson Reuters. NJCDC has had an approved neighborhood plan since 2009 for Greater Spruce Street neighborhood.
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.
More information on the Neighborhood Revitalization Tax Credit program, visit www.nj.gov/dca/divisions/dhcr/offices/nrtc.html and for more information on New Jersey Community Development Corporation, visitwww.njcdc.org.