FOR IMMEDIATE RELEASE: Thursday, June 2, 2016


Grant Totaling $720,000 Will Help Revitalize the Historic Midtown Neighborhood of Elizabeth

TRENTON, NJ – New Jersey Department of Community Affairs (DCA) Commissioner Charles A. Richman today announced a $720,000 grant award through the Neighborhood Revitalization Tax Credit (NRTC) program to Elizabeth Development Company based in Elizabeth. The NRTC program is administered by the DCA’s Division of Housing and Community Resources and provides community based non-profit groups with funding provided by corporate contributions intended for neighborhood revitalization projects.  Since the creation of the NRTC program, 34 corporations have contributed $88,081,000 to fund 29 neighborhood revitalization plans in 15 urban municipalities throughout the state.

“The NRTC program has seen more demand as the program has matured and become more competitive over the years,” said Commissioner Richman. “We’ve fully allocated $10 million in tax credits every year since 2010 and over the last five years seen a significant increase in the number of contributing corporations. Through NRTC, we will continue to support nonprofits and the increased need for economic development resources, including entrepreneur training and employment placement assistance.”

Elizabeth Development Company was awarded $720,000 for the substantial rehabilitation of an existing 60-unit building in Elizabeth. The developer, Community Investment Strategies, will bring the building into compliance with modern rehabilitation codes and provide quality, safe housing for low- and moderate-income individuals and families.

Funding for this project was contributed by NJ Natural Gas, PNC Bank and PSE&G. Corporations 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.

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

NRTC has approved 113 grants to date to implement these neighborhood plans totaling $88 million in funding.

Elizabeth Development Company of New Jersey works with cross-sector leaders in cities across Union County and Northern New Jersey, to build innovative urban revitalization practices aimed at improving the economic well-being of residents and communities. Additional information on Elizabeth Development Company of New Jersey can be found at Elizabeth Development Company has had an approved NRTC plan since 2005 for the Elizabethport neighborhood of Elizabeth.

More information on the Neighborhood Revitalization Tax Credit program, visit



Tammori Petty
Emike Omogbai
(609) 292-6055