Sept-23-08 DCA Announces Partnership to Help Revitalize NJ Communities at Governor's Conference on Housing and Community Development
DCA Announces Partnership to Help Revitalize NJ Communities at Governor’s Conference on Housing and Community Development
ATLANTIC CITY, N.J. – As part of the 2008 Governor’s Conference on Housing and Community Development, the New Jersey Department of Community Affairs and Public Service Enterprise Group today announced a partnership that will support five local nonprofit community development programs.
Through DCA’s Neighborhood Revitalization Tax Credit (NRTC) Program, PSEG will provide funds for the construction of environmentally friendly housing and expansion of a health clinic in New Brunswick, the conversion of a rundown structure into a condominium development in Elizabeth, and the creation of new economic and housing opportunities in Trenton and Camden.
"At DCA, we are in the business of investing in our state one neighborhood at a time,” DCA Commissioner Joseph Doria said. “The Neighborhood Revitalization Tax Credit Program gives businesses and nonprofits the resources they need to work together to build strong relationships and invest in their communities – today and into the future.”
PSEG and its subsidiary, Public Service Electric and Gas Company, have committed to a total of $2 million to the NRTC Program – $1 million from PSEG and $1 million from PSE&G. For its investment, the company will receive a 100 percent state tax credit against business-related income.
“Public Service is pleased to support these neighborhood revitalization projects through our partnership with the New Jersey Department of Community Affairs,” said Ralph LaRossa, PSE&G president and COO. “This is an example of public policy working to make a difference in the lives of people and communities by encouraging private-sector involvement and additional investment.”
The investments by PSEG and PSE&G will support the community development efforts of five New Jersey nonprofits. Approved by DCA, each of the following nonprofits had a neighborhood plan in the area PSE&G serves, and will receive funding for a specific project within its plan:
Catholic Charities – Diocese of Metuchen (New Brunswick)
Green rehabilitation of eight housing units for low-income families and expansion of health care services at St. John’s Clinic for an additional 400 residents annually - $500,000.
Elizabeth Development Company of New Jersey – Brand New Day (Elizabeth)
Conversion of a dilapidated structure into a four-story, 14,000-square-foot multiple unit building with six three-bedroom/two-bath condominiums, a community room and parking lot - $250,000.
Heart of Camden (Camden)
Rehabilitation of The Star Theater into a community center, construction of a parking lot, and rehabilitation of 11 scattered housing units for sale to low and moderate-income families, for a total of 40,000 square feet - $500,000.
Isles, Inc. (Trenton)
Redesign of Roberto Clemente Park, establishment of a micro-loan fund for small businesses in Old Trenton, creation of a “green collar” job training program, refurbishment of the health club at the YWCA, establishment of a professional property management company for existing housing, and expansion of the Healthy Homes lead abatement program - $250,000.
Parkside Business and Community In Partnership (Camden)
Acquisition of 15 lots and construction of an 18,000-square-foot of building to be used as an administration building, retail use and community space - $500,000.
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 distributed by DCA and can be used by nonprofits for a variety of projects, including affordable housing, 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, generating up to $10 million for nonprofit organizations.
For more information about DCA’s NRTC Program, visit www.nj.gov/dca/dcr/nrtc/.
Public Service Enterprise Group Incorporated (PSEG) (NYSE:PEG) is a diversified energy company headquartered in Newark, N.J. Its subsidiary, Public Service Electric and Gas Company (PSE&G), is New Jersey’s oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state’s population. PSE&G is the winner of the ReliabilityOne National Achievement Award for superior electric system reliability.