November 15, 2013 CHRISTIE ADMINISTRATION AWARDS NEIGHBORHOOD REVITALIZATION TAX CREDIT PLANNING GRANT TO ELIZABETH DEVELOPMENT COMPANY
CHRISTIE ADMINISTRATION AWARDS NEIGHBORHOOD REVITALIZATION TAX CREDIT PLANNING GRANT TO ELIZABETH DEVELOPMENT COMPANY
$182,000 Award Will Support Outreach Efforts to Reach Elizabethport’s Unemployed
TRENTON – New Jersey Department of Community Affairs (DCA) Commissioner Richard E. Constable, III today announced a $182,000 Neighborhood Revitalization Tax Credit (NRTC) grant award to Elizabeth Development Company (EDC) to facilitate outreach efforts for its On-the-Job Training Program, to be focused on unemployed residents of the Elizabethport neighborhood of Elizabeth. 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 Elizabeth. 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.”
To address the Elizabeth’s high unemployment rate, one of the goals of the Elizabethport neighborhood plan is to strengthen the workforce through improved training and education. EDC will use NRTC funds to encourage unemployed neighborhood residents to enroll in the Union County Workforce Investment Board programs administered by EDC through Union County’s One Stop Career Center.
Through a partnership with the Elizabethport Presbyterian Center’s Family Success Center and the Retail Skills Center at the Jersey Gardens Mall, EDC will also provide job-readiness assistance and supportive services to neighborhood residents with a focus on those that will participate in the On-the-Job Training program.
Other communities that have benefited from the NRTC program this year include Paterson’s Greater Spruce Street neighborhood, 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 non-profit 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 NRTC project were contributed by JPMorgan Chase and PNC Bank. EDC has had an approved NRTC plan since 2007 for the Elizabethport neighborhood of Elizabeth.
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 Elizabeth Development Company, visit www.edcnj.org.