FOR IMMEDIATE RELEASE: Thursday, June 2, 2016

 

Grants Totaling $1,648,325 Will Help Revitalize the Great Falls/Spruce Street and Northside Neighborhoods

 

TRENTON, NJ – New Jersey Department of Community Affairs (DCA) Commissioner Charles A. Richman today announced $1,648,325 in grant awards through the Neighborhood Revitalization Tax Credit (NRTC) program to Paterson Habitat for Humanity and New Jersey Community Development Corporation located in Paterson. The NRTC program is administered by the DCA’s Division of Housing and Community Resources and provides community based non-profit groups with funding provided by corporate contributions intended for neighborhood revitalization projects.  Since the creation of the NRTC program, 34 corporations have contributed $88,081,000 to fund 29 neighborhood revitalization plans in 15 urban municipalities throughout the state.

 “The NRTC program has seen more demand as the program has matured and become more competitive over the years,” said Commissioner Richman. “We’ve fully allocated $10 million in tax credits every year since 2010 and over the last five years seen a significant increase in the number of contributing corporations. Through NRTC, we will continue to support nonprofits and the increased need for economic development resources, including entrepreneur training and employment placement assistance.”

Paterson Habitat for Humanity will use $977,925 in grant funds to create five homeownership units, through new construction and rehabilitation. The funds will also be used to purchase and install 15 neighborhood security cameras. Funds were contributed by Accurate Box Co., Express Scripts Pharmacy, Kontos Foods, PNC Bank, Valley National Bank and Wells Fargo.

A $670,400 NRTC grant will allow New Jersey Community Development Corporation to acquire and repair a property known as "Michael's Energy Factory", a preschool that serves 250 neighborhood children. Funding will also support the Great Falls Promise Neighborhood Initiative where volunteers help improve student achievement and strength for 100 children during before- and after-school programming, evening and summer programs. Funds were contributed by Boiling Springs Savings Bank, PNC Bank, PSE&G and Thomson Reuters.

Corporations 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.

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 113 grants to date to implement these neighborhood plans totaling $88 million in funding.

Other communities that have benefited from the NRTC program this year include Salem, Newark, Orange, Asbury Park, Millville, Jersey City, Camden, Trenton, Elizabeth and New Brunswick.

Paterson Habitat for Humanity is a nonprofit organization that creates homeownership opportunities for families with limited income. It is committed to building decent, safe affordable homes that are energy efficient, environmentally responsible and economical to maintain. Additional information on Paterson Habitat for Humanity can be found at https://www.patersonhabitat.org/.

New Jersey Community Development Corporation is a a private, non-profit community development and social service agency founded in 1994 with a mission of creating opportunities to transform lives. The focus of their work is the City of Paterson. More information on New Jersey Community Development Corporation can be found at http://www.njcdc.org/.

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. 

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

CONTACT:
Tammori Petty
Emike Omogbai
(609) 292-6055