FOR IMMEDIATE RELEASE: Friday, March 13, 2015

Christie Administration Awards Neighborhood Revitalization Tax Credit Grants in Salem County

Grants Totaling $98,500 Enables Nonprofit to Perform Activities to Benefit Neighborhood Residents

SALEM CITY, NJ – New Jersey Department of Community Affairs (DCA) Commissioner Richard E. Constable, III today announced a $98,500 grant award through the Neighborhood Revitalization Tax Credit (NRTC) program to Stand Up For Salem located in Salem City. Since the creation of the NRTC program, 31 corporations have contributed $78,081,000 to fund 29 neighborhood revitalization plans in 15 urban municipalities throughout the state.

"The Christie Administration continues to support the NRTC program which encourages new housing options and economic development opportunities for small businesses in New Jersey’s urban neighborhoods," said Commissioner Constable. "This program continues to have positive impacts in New Jersey and has allowed the state to work with local organizations to foster revitalization in communities throughout Salem County. We will continue to invest in innovative programs such as this that will support New Jersey’s working families, seniors, and children."

Stand Up For Salem was awarded $98,500 for activities associated with its "A Salem City for the Next Century" project. NRTC funds will enable Stand Up For Salem to rehabilitate one housing unit to resell to new homeowners, and the assembly of 3 housing units for a future project. Additionally, the funds will offer financial incentives to new homeowners, primarily for down-payment assistance, secondarily for post-settlement house repairs.

Other communities that have benefited from the NRTC program this year include Trenton, Paterson, Elizabeth, Perth Amboy, Camden, Asbury Park, Newark, Orange and New Brunswick.

Funds for Stand Up For Salem were contributed by Public Service Enterprise Group and TD Bank.　 Stand Up For Salem has had an approved NRTC plan since 2011, for the Center of Salem neighborhood of Salem City.

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.

Founded in 1999, Stand Up For Salem is a volunteer based nonprofit program modeled after the national Main Street approach to downtown revitalization Additional information on Stand Up For Salem can be found at www.salemcitynj.com.

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.　 NRTC has approved 96 grants to date to implement these neighborhood plans totaling $77 million in funding.

More information on the Neighborhood Revitalization Tax Credit program, visit http://www.nj.gov/dca/divisions/dhcr/offices/nrtc.html.

CONTACT:
Tammori Petty
(609) 292-6055