Neighborhood Revitalization Tax Credit Program (NRTC)
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Description: |
The Neighborhood Revitalization Tax Credit Program (NRTC) provides business entities an 80 percent tax credit for funds provided to nonprofit entities carrying out comprehensive revitalization plans. Nonprofit entities must use at least 60% of the tax credit funds for housing and economic development; the remaining funds may be used for supportive services and other activities that promote neighborhood revitalization. |
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Assistance Provided To: |
Nonprofit 501(c) 3 organizations in eligible municipalities |
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Type of Assistance: |
Financial - Grants |
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Funding Source: |
Corporate Funds |
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Award Period: |
Varies (Annual RFP is announced to eligible organizations) |
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Procedure for Applying: |
Submission of a Project Application, via SAGE. Restricted to eligible organizations with DCA-approved NRTC plans. |
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Application Deadline: |
Varies |
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Date of Notification: |
Varies |
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Contact: |
Bradley Harrington - (609) 633-6273 |
Program Overview:
The Neighborhood Revitalization Tax Credit Program (NRTC) is designed to foster the revitalization of New Jersey's distressed neighborhoods. NRTC offers business entities an 80 percent tax credit against various New Jersey state taxes. Credits are provided to business entities that invest in the revitalization of low- and moderate-income neighborhoods in eligible cities. Sixty percent of the tax credit funds must be used for activities related to the development of housing and economic development. The remaining balance may be used for complementary activities such as the provision of assistance to small businesses, removing barriers to self-sufficiency, and promoting the integration of mixed-income neighborhoods. A total of $15 million per year is available in tax credits.
NRTC funds are used by neighborhood-based non-profit organizations that have prepared, submitted and received approval from the Department for a revitalization plan for the neighborhood it serves. The funds must be used by the eligible organizations for projects and activities that will implement the goals and strategies of the approved neighborhood plan. The maximum amount per application is $985,000.
Neighborhood Plans:
- Neighborhood Plan Application Guidelines [MS Word 100kB]
- Webinar, March 2020 [mp4]
- Neighborhood Trends Database [xlsb 18.9 MB]
Planning Grants
- Guidelines for Planning Grants RFP - FY2020 [pdf 210kB]
Qualified Projects Pool (FY 2020)
- Main Page [Word]
NRTC Information for Investors:
- Webinar for Investors, October 2019 [mp4]
- Guide Document for Tax Credits for Business Entities [pdf 98kB]
- Summary for Investors [pdf 116kB]
NRTC Project Application Cycle, SFY 2020:
- Notice, August 2019 [pdf 241 kB]
- Project Application Webinar, August 2019 [pdf 82.2 mB]
- Checklist of Required Documents (Uploads) [pdf 118kB]
- Spreadsheet for Rental housing construction project [xls 318kB]
- Spreadsheet for Homeownership housing construction project [xls 218kB]
- SAGE Budget Categories [pdf 118kB]
Clearinghouse of NRTC Plans, Projects and Business Entities:
- Clearinghouse Document [pdf 118kB]
NRTC Guides, Instructions, Information:
- Webinar for Non-Profits, November 2019 (mp4)
- Summary for Community Organizations [pdf 265kB]
- Eligible Project Activities and Criteria for Qualifying Projects [MS Word]
NRTC Program Regulations:
- Program Rules as of August 18, 2014 [pdf 102kB]
- Rule Change August 2014 [pdf 144kB]
- Change to NRTC Program Law, August 2009 [pdf 16kB]
- Explanation for August 2009 NRTC Change [pdf 54kB]
NRTC Eligible Municipalities:
- List of Neighborhood Revitalization Tax Credit Eligible Municipalities - Current as of 10/01/19 - [pdf 134kB]
Additional Funding Opportunities:
- The Wells Fargo Regional Foundation
Resources for the implementation of resident-driven neighborhood plans: https://www.wellsfargo.com/about/regional-foundation/index
