Norwescap among 21 community-based nonprofit organizations to receive funding for neighborhood revitalization efforts
NEW JERSEY – The New Jersey Department of Community Affairs (DCA) Wednesday announced the award of $14.8 million in funding in state fiscal year 2024 to 21 community-based nonprofit organizations across the state through the Neighborhood Revitalization Tax Credit (NRTC) Program.
The nonprofit organizations will use the NRTC funding, which comes from business contributions, to implement revitalization plans that address housing and economic development, as well as complementary activities such as social services, recreation activities, employment training, and open space improvements in qualifying communities.
“Neighborhood rejuvenation needs buy-in from local governments, community groups, and businesses to ensure long-term sustainability. The Neighborhood Revitalization Tax Credit Program is designed with this type of collaboration in mind,” said DCA Acting Commissioner Jacquelyn A. Suárez. “Corporations that participate in the program contribute to community projects of their choosing to receive a tax credit while reputable nonprofit groups get much needed dollars for neighborhood improvements. Most importantly, residents get a stronger neighborhood.”
“By connecting corporations with meaningful neighborhood projects, DCA is helping to promote the kind of investment that can have a profound impact on families, local entrepreneurs, and community anchors,” said DCA Assistant Commissioner Janel Winter, who directs the Division of Housing and Community Resources. “Simply put, the Neighborhood Revitalization Tax Credit Program fosters stakeholder partnerships and targeted action plans that work.”
The objective of the NRTC Program, which is administered by DCA’s Division of Housing and Community Resources, is to spur the renewal of 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 corporations contribute funding to the NRTC Program and in return receive a 100 percent tax credit against various New Jersey state taxes.
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 communities are benefitting from FY 2024 NRTC funding awards:
| City | Neighborhood | Nonprofit Organization | Corporate Contributors | Funding Amount |
|---|---|---|---|---|
| Asbury Park | West Side Asbury Park NRTC Project XII | Interfaith Neighbors, Inc. | Selective Insurance Company of America, OceanFirst Bank | $625,000 |
| Atlantic City | Atlantic City Inlet Now! | Atlantic Cape Community College | Ocean Casino Resort Holdings, Tropicana AC | $1,000,000 |
| Atlantic City | Chelsea Neighborhood Plan 2024 Projects | Atlantic City Development Corp | Fulton Bank, PNC Bank, Tropicana AC | $1,000,000 |
| Atlantic City | Midtown Atlantic City Revitalization Continues | AtlantiCare Foundation | OceanFirst Bank, SSH Holdings, Inc. (Spencer Gifts/Spirit Halloween), PNC Bank, Tropicana AC | $941,000 |
| Atlantic City | Revitalize Ducktown | Atlantic County Economic Alliance | Parke Bank, Fulton Bank | $999,900 |
| Camden | A More Prosperous East Camden | Saint Joseph’s Carpenter Society | New Jersey Casualty Insurance Company, Holman Enterprises, OceanFirst Bank, CSC Brands , LLC (Campbell Soup Company) | $1,000,000 |
| Camden | Catch the Wave to a Thriving Waterfront South (Year 2) | Heart of Camden | Subaru of America, PNC Bank, Columbia Bank | $545,000 |
| Camden | Creating an Equitable, Healthy and Thriving Parkside | Parkside Business & Community In Partnership, Inc. | M&T Bank, New Jersey Casualty Insurance Company, CSC Brands , LLC (Campbell Soup Company), Subaru of America, Columbia Bank | $930,000 |
| Camden | Our North Camden 2024! | Camden Lutheran Housing, Inc. | New Jersey American Water, Subaru of America, PNC Bank, Columbia Bank | $432,500 |
| Elizabeth | Economic Development through the Arts for Historic Midtown | Elizabeth Development Company of New Jersey | Valley National Bank | $392,559 |
| New Brunswick | Esperanza 2024: Our Families, Our Homes, Our Businesses | New Brunswick Tomorrow | Magyar Bank, M&T Bank, New Jersey Re-Insurance Company, OceanFirst Bank, Valley National Bank, PNC Bank, Peapack-Gladstone Mortgage Group | $1,000,000 |
| Newark | Fairmount Neighborhood Advancement 2024 | Urban League of Essex County | Valley National Bank, PNC Bank, Columbia Bank, Horizon Healthcare Services | $400,000 |
| Newark | Lincoln Park 2024 | Lincoln Park Coast Cultural District, Inc. | M&T Bank, Horizon Healthcare Services | $309,375 |
| Newark | Upper Clinton Hill 2024 | Clinton Hill Community Action | Valley National Bank, Peapack-Gladstone Mortgage Group | $355,000 |
| Orange | Heart of Orange Economic Empowerment & Wealth Creation | HANDS, Inc. | Peapack-Gladstone Mortgage Group | $375,000 |
| Paterson | Great Falls Gateway Enhancement Project | New Jersey Community Development Corporation | Webster Bank, Valley National Bank, PNC Bank, Horizon Healthcare Services | $545,000 |
| Paterson | Pride in the Northside | Paterson Habitat for Humanity, Inc. | M&T Bank, Columbia Bank | $400,000 |
| Perth Amboy | 2024 Gateway Neighborhood Revitalization | Perth Amboy Redevelopment Team for Neighborhood Enterprise and Revitalization | Peoples Security Bank and Trust Company, Horizon Healthcare Services | $400,000 |
| Phillipsburg | South Main Street 2024 | NORWESCAP | Valley National Bank, PNC Bank, Horizon Healthcare Services | $522,917 |
| Salem City | The Salem City Revival Continues! | Stand Up For Salem | Franklin Bank, New Jersey American Water | $750,000 |
| Trenton | Downtown Trenton 2024 | Isles, Inc. | New Jersey Manufacturers Insurance Coompany (NJM), OceanFirst Bank, Horizon Healthcare Services, WellPoint NewJersey | $885,975 |
| Trenton | East Trenton Collaborative 2024 | Isles, Inc. | New Jersey Manufacturers Insurance Company (NJM), Customers Bank, PNC Bank | $1,000,000 |
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.
