FOR IMMEDIATE RELEASE: Thursday, June 2, 2016

 

Grant Totaling $267,500 Will Help Revitalize the Center of Salem City

TRENTON, NJ – New Jersey Department of Community Affairs (DCA) Commissioner Charles A. Richman today announced a $267,500 grant award through the Neighborhood Revitalization Tax Credit (NRTC) program to Stand Up For Salem located in Salem City. 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.”

NRTC grant funding will allow for the rehabilitation of two houses for resale to new homeowners and the removal of at least one blighted property. The Homeownership Incentive Program will assist two new homeowners with down payment assistance and post-settlement repairs. 

Funds for these initiatives were contributed by PSE&G. 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 Jersey City, Newark, Orange, Asbury Park, Millville, Camden, Paterson, Trenton, Elizabeth and New Brunswick.

Stand Up For Salem is a non-profit corporation working to restore the center of Salem City in Salem County. Additional information on Stand Up For Salem can be found at http://www.salemcitynj.com/. Stand Up For Salem has had an approved NRTC plan since 2011 for the Center of Salem neighborhood of Salem City.

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