Jun-4-2010 DCA Neighborhood Revitalization Tax Credit Program Benefits Paterson
DCA Neighborhood Revitalization Tax Credit Program Benefits Paterson
PATERSON - Department of Community Affairs (DCA) Commissioner Lori Grifa today announced PSE&G, Becton Dickinson, Lakeland Bank and Thomson Reuters will contribute a combined $1 million toward redevelopment efforts in Paterson through the DCA's Neighborhood Revitalization Tax Credit Program. The program offers business entities a 100 percent tax credit against various New Jersey state taxes for investing in the revitalization of low-and moderate-income neighborhoods in eligible municipalities.
The $1 million will be used by New Jersey Community Development Corporation, a non-profit agency dedicated to improving the lives of Paterson residents, to transform an abandoned storage building into a modern training and conference center in the city's Greater Spruce Street neighborhood.
"The Neighborhood Revitalization Tax Credit Program is one of the DCA's most innovative programs in that it finds a way for government, private businesses and non-profit organizations to work toward the common goal of urban renewal," said Commissioner Grifa. "Governor Christie and I commend these four companies and the New Jersey Community Development Corporation for their investment in Paterson's future."
New Jersey Community Development Corporation will convert a former storage building of the Rogers Locomotive Works Company into a facility for conferences, training and community meeting space. The group will also use the funding for community education initiatives that are aimed at helping neighborhood residents improve their employment prospects.
PSE&G contributed $500,000 toward the project. PSE&G and its parent company, Public Service Enterprise Group, have to date contributed $6 million through the Neighborhood Revitalization Tax Credit Program to 14 neighborhood projects in New Jersey, including this one. PSE&G is a public utility company that provides gas and electricity to most of New Jersey's population.
The other contributors to this project are Becton Dickinson, which manufactures and sells medical supplies, devices, laboratory equipment and diagnostic products; Lakeland Bank, a 48-branch community-oriented bank in North Jersey; and Thomson Reuters, an information company for businesses and professionals. Becton Dickinson and Thomson Reuters donated $200,000 apiece and Lakeland Bank invested $100,000.
Since the Neighborhood Revitalization Tax Credit Program began in May 2004, the DCA has approved 22 neighborhood revitalization plans in 14 municipalities. The DCA uses the corporate contributions to reimburse non-profit organizations as they complete the projects outlined in their DCA-approved plans. So far, the DCA has approved 23 grants to implement these neighborhood plans, totaling over $18 million in funding.
For more information about the Neighborhood Revitalization Tax Credit Program, please log on to http://www.nj.gov/dca/divisions/dhcr/offices/nrtc.html.