TRENTON, NJ – The New Jersey Department of Community Affairs (DCA) today announced the award of $14.8 million in funding in state fiscal year 2024 to 21 community-based nonprofit organizations across the state through the Neighborhood Revitalization Tax Credit (NRTC) Program. The nonprofit organizations will use the NRTC funding, which comes from business contributions, to implement revitalization plans that address housing and economic development, as well as complementary activities such as social services, recreation activities, employment training, and open space improvements in qualifying communities.

“Neighborhood rejuvenation needs buy-in from local governments, community groups, and businesses to ensure long-term sustainability. The Neighborhood Revitalization Tax Credit Program is designed with this type of collaboration in mind,” said DCA Acting Commissioner Jacquelyn A. Suárez. “Corporations that participate in the program contribute to community projects of their choosing to receive a tax credit while reputable nonprofit groups get much needed dollars for neighborhood improvements. Most importantly, residents get a stronger neighborhood.”

“By connecting corporations with meaningful neighborhood projects, DCA is helping to promote the kind of investment that can have a profound impact on families, local entrepreneurs, and community anchors,” said DCA Assistant Commissioner Janel Winter, who directs the Division of Housing and Community Resources. “Simply put, the Neighborhood Revitalization Tax Credit Program fosters stakeholder partnerships and targeted action plans that work.”

The objective of the NRTC Program, which is administered by DCA’s Division of Housing and Community Resources, is to spur the renewal of neighborhoods through strategies developed by residents and the community-based nonprofit organizations that assist them. These local organizations prepare, submit, and receive approval from DCA for multi-year revitalization plans for the neighborhoods they serve. The approved projects are listed in a qualified projects pool from which companies choose the ones they want to financially support. The NRTC funds must be used by the nonprofit groups for projects and activities set forth in the approved neighborhood plans. 

The corporations contribute funding to the NRTC Program and in return receive a 100 percent tax credit against various New Jersey state taxes.  

  Possible uses of NRTC funds by nonprofit organizations include: 

• Construction and rehabilitation of affordable housing units;
• Creation of commercial facilities;
• Assistance to small businesses and microenterprises;
• Employment training;
• Open space improvements;
• Social and community services;
• Recreation activities; 
• Crime prevention activities; and 
• Community outreach activities.

The following communities are benefitting from FY 2024 NRTC funding awards:

More information about the Neighborhood Revitalization Tax Credit Program can be found at https://www.nj.gov/dca/dhcr/offices/nrtc.shtml.

The Division of Housing and Community Resources is committed to strengthening neighborhoods through the delivery of affordable housing and supportive services and to providing financial and technical assistance to municipalities, community action agencies, and other nonprofit organizations for community and economic development projects that improve the quality of life for residents, especially those who are vulnerable and disadvantaged.

DCA offers a wide range of programs and services, including local government management and finance, affordable housing production, fire safety, building safety, community planning and development, disaster recovery and mitigation, historic preservation, and information privacy.

For more information about DCA, visit https://nj.gov/dca/ or follow the Department on social media.