Dec-20-07 DCA and JPMorgan Chase Announce New Partnership to Revitalize NJ Communities
DCA and JPMorgan Chase Announce New Partnership to Revitalize NJ Communities
JPMorgan Chase Invests $1 Million in NRTC Program
TRENTON, N.J. – Highlighting the state’s commitment to revitalizing neighborhoods, the New Jersey Department of Community Affairs (DCA) and JPMorgan Chase today announced a new partnership that will support three local nonprofit community development organizations across the state.
As a participant in DCA’s Neighborhood Revitalization Tax Credit Program (NRTC), JPMorgan Chase has committed a total of $1 million to go to the development of environmentally-friendly affordable housing in Trenton, the revitalization of the Valley Arts District in Orange, and the expansion of residential housing and a Neighborhood Services Campus in Newark. For its investment, the company will receive a 100 percent state tax credit against business-related income.
“At DCA, we are dedicated to rebuilding our state one community at a time,” said Acting Commissioner Joseph V. Doria, Jr. “The Neighborhood Revitalization Tax Credit Program gives businesses and nonprofits the tools they need to work together to build strong partnerships and implement comprehensive community revitalization.”
JPMorgan Chase continues to grow its presence in New Jersey and has nearly 5,000 employees working in the state. Chase, the firm’s consumer and commercial banking unit, serves consumers, businesses and governmental entities in New Jersey through more than 150 branches and 265 ATMs. Chase’s Home Lending division, one of the nation’s leading residential housing lenders, is also headquartered in Iselin. Additionally, the firm provides wealth management solutions to its New Jersey clients through JPMorgan Private Bank and JPMorgan Private Client Services.
“As one of the largest banks in New Jersey, we have an opportunity to make a difference in the communities we serve by building strong partnerships, collaborating with community organizations and targeting our investments in areas where our employees contribute their time and talents,” said Ann Borowiec, head of JPMorgan Private Bank in New Jersey. “Participating in the NRTC Program is a great way for us to give back to neighborhoods in New Jersey where we do business.”
JPMorgan Chase’s investment will target the community development efforts of three New Jersey nonprofits:
- Isles Inc. will receive $500,000 to support several Trenton initiatives including the development of environmentally-friendly affordable housing, the Healthy Homes Program that will include lead testing and home improvements to reduce lead and asthma hazards, and the completion of Roberto Clemente Park and Children’s Garden.
- HANDS (Housing and Neighborhood Development Services) will receive $250,000 for the revitalization of five blighted blocks in the city of Orange’s Valley Arts District, including the conversion of two landmark industrial buildings into a restaurant, a music venue and artist housing.
- The Unified Vailsburg Services Organization (UVSO) will receive $250,000for several Newark initiatives including the construction and restoration of for-sale housing, the acquisition and management of rental housing, and the expansion of a Neighborhood Services Campus to include additional doctor’s offices, new dentist’s offices, additional preschool and job training classrooms.
The Neighborhood Revitalization Tax Credit was developed in 2002 to provide tax credit incentives to businesses that contribute to the community development efforts of participating 501(c)(3) organizations. Funds are passed through DCA to nonprofit organizations that have received department approval for their neighborhood revitalization projects. Projects may include economic development, workforce development, open space, social services, business assistance and other activities that promote neighborhood revitalization.
The 100 percent tax credit is available to businesses that invest between $25,000 and $1 million per year. A total of $10 million per year is available in state tax credits to businesses participating in the program.
For more information about DCA’s NRTC Program, visit www.nj.gov/dca/dcr/nrtc/.
JPMorgan Chase & Co. (NYSE) is a leading global financial services firm with assets of $1.5 trillion and operations in more than 50 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its JPMorgan and Chase brands. JPMorgan Chase is committed to investing in education, economic opportunity, development and environmental programs that enable people and communities to thrive. Information about the firm is available at www.jpmorganchase.com.