FOR IMMEDIATE RELEASE: Friday, March 13, 2015

Christie Administration Awards Neighborhood Revitalization Tax Credit Grants in Passaic County

Grants Totaling $1,210,900 Enables Nonprofits to Perform Activities to Benefit Neighborhood Residents

PATERSON, NJ – New Jersey Department of Community Affairs (DCA) Commissioner Richard E. Constable, III today announced $1,210,900 in grant awards through the Neighborhood Revitalization Tax Credit (NRTC) program to NJ Community Development Corporation and Paterson Habitat for Humanity, both located in Paterson. Since the creation of the NRTC program, 31 corporations have contributed $78,081,000 to fund 29 neighborhood revitalization plans in 15 urban municipalities throughout the state.

"The Christie Administration continues to support the NRTC program which encourages new housing options and economic development opportunities for small businesses in New Jersey’s urban neighborhoods," said Commissioner Constable. "This program continues to have positive impacts in New Jersey and has allowed the state to work with local organizations to foster revitalization in communities throughout Passaic County. We will continue to invest in innovative programs such as this that will support New Jersey’s working families, seniors, and children."

NJ Community Development Corporation was awarded $965,400 for activities associated with its Park Corner Apartments and Paterson Youth Arts programs. NRTC funds will contribute to the construction of Park Corner Apartments (12 residential and 2 commercial units), creating a new community asset with affordable housing and economic activity.　 Additionally, the funds will create the Paterson Youth Arts Project, a part of the Great Falls Promise Neighborhood Initiative which will provide comprehensive arts education to neighborhood youth.

Paterson Habitat for Humanity was awarded $245,500 for activities associated with its Building Homes and Opportunity program. NRTC funds will aid in the construction and sale of one homeownership unit.　 The funding will also enhance economic opportunity by defining vacancy solutions for the area's retail corridors, through market analysis and other studies.

Other communities that have benefited from the NRTC program this year include Salem City, Perth Amboy, New Brunswick, Asbury Park, Elizabeth, Camden, Trenton, Newark and Orange.

Funds for NJ Community Development Corporation were contributed by Boiling Springs Savings Bank, Horizon Healthcare, JPMorgan Chase, Public Service Enterprise Group, TD Bank and Thomson Reuters.　 NJ Community Development Corp has had an approved NRTC plan since 2009, for the Greater Spruce Street neighborhood of Paterson.

Funds for the Paterson Habitat for Humanity were contributed by Accurate Box Co., Business Furniture Inc., Lakeland Bank, TD Bank and Valley National Bank. Paterson Habitat for Humanity has had an approved NRTC plan since 2013, for the Northside neighborhood of Paterson.

Companies that fund the program receive a 100 percent tax credit against various state taxes for their investments in revitalizing low-and moderate-income neighborhoods in eligible cities.

New Jersey Community Development Corporation (NJCDC) is a private, non-profit community development and social service agency founded in 1994 with a mission of creating opportunities to transform lives. The focus of our work is the City of Paterson. Additional information on NJCDC can be found at http://www.njcdc.org/.

Paterson Habitat for Humanity is dedicated to eliminating substandard housing locally and worldwide through constructing, rehabilitating and preserving homes; by advocating for fair and just housing policies; and by providing training and access to resources to help families improve their shelter conditions. Additional information on Paterson Habitat for Humanity can be found at http://www.patersonhabitat.org.

The NRTC program is administered by the Division of Housing and Community Resources and provides community based non-profit groups with corporate funding for implementing neighborhood revitalization plans.　 The nonprofit organizations agree to allot at least 60 percent of the funds to housing and/or economic development activities.　 The remainder may be used for complementary activities such as supportive services, improvements to streetscape and public open space, and community outreach activities.　 NRTC has approved 96 grants to date to implement these neighborhood plans totaling $77 million in funding.

More information on the Neighborhood Revitalization Tax Credit program, visit http://www.nj.gov/dca/divisions/dhcr/offices/nrtc.html

CONTACT:
Tammori Petty
(609) 292-6055