DCA Awards Funds for Neighborhood Revitalization Efforts in New Jersey

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  • Posted on: 04/08/2021

Total of $11.4 Million Awarded to 18 Nonprofit Organizations through the Neighborhood Revitalization Tax Credit Program

 

TRENTON, NJ – The New Jersey Department of Community Affairs (DCA) today announced $11.4 million in funding awards to 18 community-based nonprofit organizations across the state through the Neighborhood Revitalization Tax Credit (NRTC) Program. The nonprofit organizations will use the funding to implement revitalization plans that address housing and economic development, as well as complementary activities such as social services, recreation activities, and open space improvements.

“Public-private partnerships are a key mechanism for creating affordable housing opportunities and spurring economic growth," said Lt. Governor Sheila Oliver, who serves as DCA Commissioner. “The Neighborhood Revitalization Tax Credit Program is one of the best public-private partnerships in the state because everyone wins. Corporations that participate get a tax credit and contribute to neighborhood redevelopment programs of their choosing; nonprofit groups with a proven track record of helping their communities get much needed dollars; and residents get a better neighborhood.”

“We are incredibly proud of our continued investment in this innovative program, which has had such a positive impact on neighborhoods throughout New Jersey,” said Janel Winter, director of DCA’s Division of Housing and Community Resources. “Also, we’re pleased to serve as the bridge between companies and local nonprofits to foster revitalization activities that work.”

The NRTC Program, which is administered by DCA’s Division of Housing and Community Resources, is designed to spur the renewal of distressed neighborhoods through strategies developed by residents and the community-based nonprofit organizations that assist them. These local organizations prepare, submit, and receive approval from DCA for multi-year revitalization plans for the neighborhoods they serve. The approved projects are listed in a qualified projects pool from which companies choose the ones they want to financially support. The NRTC funds must be used by the nonprofit groups for projects and activities set forth in the approved neighborhood plans. 

The funds originate from corporations, which receive a 100 percent tax credit against various New Jersey state taxes for the amount of funds contributed to the NRTC Program. 

Possible uses of NRTC funds by nonprofit organizations include: 

  • Construction and rehabilitation of affordable housing units;
  • Creation of commercial facilities;
  • Assistance to small businesses and microenterprises;
  • Employment training;
  • Open space improvements;
  • Social and community services;
  • Recreation activities;
  • Crime prevention activities; and
  • Community outreach activities.

The following neighborhoods are benefitting from FY 2021 NRTC funding awards:

City

Neighborhood

Nonprofit Organization

Contributing Companies

Funding Amount

Atlantic City

Chelsea

Atlantic City Development Corporation

Horizon Healthcare, OceanFirst Bank, PNC Bank

$681,250

Camden

Cooper Plaza

Cooper’s Ferry Partnership

Horizon Healthcare, NJM Insurance, PNC Bank, Selective Insurance 

$543,750

Camden

East Camden

Saint Joseph’s Carpenter Society

Campbell Soup Company, M&T Bank, TD Bank

$646,667

Camden

North Camden

Camden Lutheran Housing, Inc.

Campbell Soup Company, PSEG

$850,000

Camden

Parkside

Parkside Business & Community in Partnership, Inc.

NJ American Water, Campbell Soup Company

$985,000

Elizabeth

Historic Midtown

Elizabeth Development Company of New Jersey

Horizon Healthcare, Investors Bank, PSEG, Valley National Bank

$426,250

Jersey City

Greenville

Garden State Episcopal Community Development Corp.

Investors Bank, M&T Bank, Provident Bank, TD Bank, Valley National Bank

$821,666

Newark

Fairmount

Urban League of Essex County

Horizon Healthcare, Investors Bank, PSEG, Valley National Bank

$391,250

Newark

Lincoln Park

Lincoln Park Coast Cultural District, Inc.

Horizon Healthcare, Provident Bank, RCC Builders & Developers, TD Bank, Valley National Bank

$607,917

New Brunswick

Esperanza

New Brunswick Tomorrow

Investors Bank, M&T Bank, NJM Insurance, PNC Bank, Provident Bank, PSEG, Valley National Bank

$750,000

New Brunswick

Unity Square

Catholic Charities, Diocese of Metuchen

Horizon Healthcare, Investors Bank

$291,250

Paterson

Greater Spruce Street

New Jersey Community Development Corporation

Sterling National Bank, RCC Builders & Developers

$985,000

Paterson

Northside

Paterson Habitat for Humanity, Inc.

Express Scripts, Horizon Healthcare, Provident Bank, RCC Builders & Developers, Sealy Mattress, Valley National Bank

$887,715

Perth Amboy

P.A.A.C.

Jewish Renaissance Foundation, Inc.

Investors Bank, PNC Bank

$261,035

Phillipsburg

Parnassus

NORWESCAP

PNC Bank, Provident Bank, Valley National Bank

$190,000

Salem

Oak to Olive

Stand Up For Salem

PSEG

$315,000

Trenton

East Trenton

Community Loan Fund of New Jersey, Inc.

CURE Insurance, Customers Bank, Horizon Healthcare, NJM Insurance, NJ PURE Insurance, PNC Bank

$985,000

Trenton

Old Trenton

Isles, Inc.

Horizon Healthcare, M&T Bank, NJM Insurance

$781,250

In November 2020, DCA awarded $3.1 million in Neighborhood Revitalization Tax Credit COVID-19 Relief Grants to 12 nonprofit organizations with approved NRTC neighborhood plans for coronavirus response activities and costs. The organizations distributed at least 60 percent of the grant funding they received to small businesses with a physical location in their NRTC neighborhood boundaries. The remainder of the funding, which came from an allocation of the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act, was used for COVID-19 educational materials, activities, and events not related to businesses and for community access to internet services for food shopping.

The Division of Housing and Community Resources helps to strengthen and revitalize communities through the delivery of affordable housing and supportive services, and by providing financial and technical assistance to local governments and community organizations. For more information on the Neighborhood Revitalization Tax Credit program, visit https://www.nj.gov/dca/divisions/dhcr/offices/nrtc.html.

DCA offers a wide range of programs and services, including local government management and finance, affordable housing production, fire safety, building safety, community planning and development, and disaster recovery and mitigation.

For more information about DCA, visit https://nj.gov/dca/ or follow the Department on social media:

 

   DCa on Twitter

Contact:

Tammori Petty
Gina Trish
Lisa Ryan
(609) 292-6055

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