FOR IMMEDIATE RELEASE: Friday, March 13, 2015

Christie Administration Awards Neighborhood Revitalization Tax Credit Grants in Monmouth County

Grants Totaling $985,500 Enables Nonprofit to Perform Activities to Benefit Neighborhood Residents

ASBURY PARK, NJ – New Jersey Department of Community Affairs (DCA) Commissioner Richard E. Constable, III today announced a $985,000 grant award through the Neighborhood Revitalization Tax Credit (NRTC) program to Interfaith Neighbors located in Asbury Park. 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 Monmouth County. We will continue to invest in innovative programs such as this that will support New Jersey’s working families, seniors, and children."

Interfaith Neighbors was awarded $985,000 for activities associated with its Project V. NRTC funds will enable Interfaith Neighbors to secure  property for the "Asbury JAMS" project, a key element in continuing the redevelopment on the Springwood Corridor. Additionally, the funds will provide access to specific food industry technologies, skill building, development of marketing channels and business mentorship for local food entrepreneurs. As a result of this grant, the Kula Urban Farm, an enterprise intended to further bolster the economic outlook for Asbury Park, will create a sustainable business model for an urban farm, and provide job training and educational opportunities. Another effort associated with Project V will be the continuation of comprehensive mentoring and other programs for disadvantaged youth through the Big Brothers Big Sisters Youth Mentoring Program. Also, the grant will develop "Rights of Passage," a supportive, housing residence designed to ease the transition from homelessness to independence. Lastly, the grant will allow for the creation of two units of affordable housing on the 100 block of DeWitt Avenue.


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

Funds for Interfaith Neighbors were contributed by NJ American Water, NJ Natural Gas and TD Bank.  Interfaith Neighbors has had an approved NRTC plan since 2006, for the West Side neighborhood of Asbury Park.

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.

Interfaith Neighbors was founded in 1988 to meet basic needs, build community, and increase the self-sufficiency of residents of Monmouth County. Additional information on Interfaith Neighbors can be found at

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

Tammori Petty
(609) 292-6055