Garden State Episcopal Community Development Corporation, a Jersey City non-profit, netted $821,666 from the New Jersey Department of Community Affairs’ Neighborhood Revitalization Tax Credit (NRTC) Program.
By John Heinis/Hudson County View
“Public-private partnerships are a key mechanism for creating affordable housing opportunities and spurring economic growth,” Lt. Gov. Sheila Oliver, the DCA commissioner, said in a statement.
“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.”
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.
“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 approved projects are listed in a qualified projects pool from which companies choose the ones they want to financially support and the NRTC funds must be used by the nonprofit groups for projects and activities set forth in the approved neighborhood plans.
GSECDC received $821,666 from contributors including Investors Bank, M&T Bank, Provident Bank, TD Bank, and Valley National Bank.
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.
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