DCA Awards Record Amount of Neighborhood Revitalization Tax Credit Funding for Second Year in a Row

• Posted on: 05/4/2023

Total of $21.75 Million Awarded to 27 Nonprofit Organizations to Benefit the Neighborhoods They Serve

TRENTON, NJ – The New Jersey Department of Community Affairs (DCA) today announced $21.75 million in funding awards to 27 community-based nonprofit organizations across the state through the Neighborhood Revitalization Tax Credit (NRTC) Program. This is the largest amount of NRTC funding ever awarded and also the most organizations to receive funding from the annual NRTC project application cycle. It marks the second year in a row in which DCA awarded a record amount of NRTC funding to a record number of nonprofit organizations, demonstrating the Department’s commitment to the program and its mission to rejuvenate neighborhoods in need of extra attention. 

The nonprofit organizations will use the NRTC funding to implement revitalization plans that address housing and economic development, as well as complementary activities such as social services, recreation programs, employment training, and open space improvements.

“The Neighborhood Revitalization Tax Credit Program is a time-tested initiative that delivers proven results for neighborhoods at risk of decline while promoting corporate social responsibility. It has only gotten better with age, which is why the program continues to attract robust funding,” said Lt. Governor Sheila Oliver, who serves as DCA Commissioner. “Through DCA’s work in connecting corporations with worthwhile neighborhood projects, the Department is helping residents and small businesses benefit in tangible ways from these community-corporate partnerships.”

The NRTC Program, which is administered by DCA’s Division of Housing and Community Resources, is designed to spark the revitalization of neighborhoods vulnerable to decline. It does this through strategic plans developed by local residents and community-based nonprofit organizations that assist them, as well as through financial contributions from corporations.

“In addition to corporate contributions, this year’s funding for the NRTC program is also coming from the American Rescue Plan’s State and Local Fiscal Recovery Fund. For this we thank our Congressional delegation and federal government partners,” said Lt. Governor Oliver.

The nonprofit organizations prepare, submit, and receive approval from DCA for multi-year revitalization plans for the neighborhoods they serve. The corporations contribute funding to the NRTC Program and in return receive a 100 percent tax credit against various New Jersey state taxes. Every year, projects and activities from the approved revitalization plans are listed in a qualified projects pool from which corporations choose the ones they want to financially support.

Possible uses of NRTC funds by the 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 2023 NRTC funding awards: 

City	Neighborhood	Nonprofit Organization	Corporate Contributors	Funding Amount
Asbury Park	West Side	Interfaith Neighbors	Selective Insurance Company of America, Selective Auto Insurance Company of NJ, Provident Bank, PNC Bank, OceanFirst Bank	$1,000,000
Atlantic City	Inlet	Atlantic Cape Community College	Spencer Gifts	$565,960
Atlantic City	Chelsea	Atlantic City Development Corporation	PNC Bank, Fulton Bank	$985,000
Atlantic City	Midtown	Atlanticare Foundation	Spencer Gifts, Parke Bank, OceanFirst Bank	$768,000
Bridgeton	Southeast Gateway	Tri-County Gateway Community Action Partnership	PNC Bank	$462,889
Camden	Cramer Hill	Camden Community Partnership	Subaru of America, PNC Bank, New Jersey Casualty Insurance Company	$900,456
Camden	East Camden	Saint Joseph's Carpenter Society	New Jersey American Water, Holman Enterprises	$1,000,000
Camden	North Camden	Camden Lutheran Housing, Inc.	Subaru of America	$684,000
Camden	Parkside	Parkside Business & Community in Partnership, Inc.	Subaru of America, New Jersey American Water, M&T Bank	$1,000,000
Camden	Waterfront South	Heart of Camden	NJ American Water, Campbell Soup Company	$1,000,000
Garfield	Garfield River to Rail	Greater Bergen Community Action	Provident Bank, Columbia Bank	$586,965
Millville	Center City	Holly City Development Corporation	OceanFirst Bank, B.D.G.S., Inc.	$985,000
New Brunswick	Esperanza	New Brunswick Tomorrow	Valley National Bank, Selective Insurance Company of America, Selective Casualty Insurance Company, PNC Bank, New Jersey Casualty Insurance Company, M&T Bank, Citizens United Reciprocal Exchange	$1,000,000
New Brunswick	Unity Square	Catholic Charities, Diocese of Metuchen		$350,866
Newark	Clinton Hill	Clinton Hill Community Action	TD Bank, Provident Bank, PNC Bank	$853,750
Newark	Fairmount	Urban League of Essex County	Valley National Bank, PNC Bank	$694,000
Newark	Lincoln Park	Lincoln Park Coast Cultural District, Inc.	Provident Bank, M&T Bank	$443,750
Newark	West and Central Village	Habitat for Humanity of Greater Newark	Valley National Bank, Provident Bank, Columbia Bank	$523,300
Orange, West Orange	The Valley	HANDS		$171,654
Orange	Heart of Orange	HANDS	PNC Bank, New Jersey Physicians United Reciprocal Exchange	$259,120
Passaic	Eastside	Boys and Girls Club of Paterson and Passaic	Valley National Bank, PNC Bank, Lakeland Bank	$719,000
Paterson	Great Falls/Spruce Street	NJ Community Development Corporation	Valley National Bank, TD Bank, Provident, PNC Bank, Lakeland, Amerigroup New Jersey, Inc.	$985,000
Paterson	Northside	Paterson Habitat for Humanity, Inc.	Valley National Bank, Sealy Mattress Co. of NJ, Provident Bank, M&T Bank	$1,000,000
Perth Amboy	P.A.A.C.	Jewish Renaissance Foundation, Inc.	Valley National Bank, Provident Bank, PNC Bank, Amerigroup New Jersey, Inc.	$1,000,000
Phillipsburg	South Main Street	NORWESCAP	Valley National Bank, Provident Bank, PNC Bank	$687,654
Salem	Center of Salem	Stand Up for Salem	TD Bank, OceanFirst Bank, Mannington Mills Inc.	$750,000
Sussex Borough	Sussex Borough	NORWESCAP	Provident Bank	$373,637
Trenton	Downtown Trenton	Isles, Inc.	OceanFirst Bank, New Jersey Manufacturers Insurance Company	$1,000,000
Trenton	East Trenton	Community Loan Fund of NJ	TD Bank, New Jersey Manufacturers Insurance Company, Customers Bank	$1,000,000

More information about the Neighborhood Revitalization Tax Credit program can be found at https://www.nj.gov/dca/divisions/dhcr/offices/nrtc.html. 

The Division of Housing and Community Resources is committed to strengthening neighborhoods through the delivery of affordable housing and supportive services and to providing financial and technical assistance to municipalities, community action agencies, and other nonprofit organizations for community and economic development projects that improve the quality of life for residents, especially those who are vulnerable and disadvantaged.

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, disaster recovery and mitigation, historic preservation, and information privacy.

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