The New Jersey Department of Community Affairs (DCA) announced $21.75 million in funding awards to 27 community-based nonprofit organizations across the state through the Neighborhood Revitalization Tax Credit (NRTC) Program but not one cent of that money is heading to Union County, where political bosses are too busy infighting to use their influence to secure tax-saving grants and aid money.
This is the largest amount of NRTC funding ever awarded and also the most organizations to receive funding from the annual NRTC project application cycle.
It marks the second year in a row in which DCA awarded a record amount of NRTC funding to a record number of nonprofit organizations, demonstrating a commitment to rejuvenate neighborhoods in need of extra attention.
The towns that will get the money are Asbury Park, Atlantic City, Bridgeton, Camden, Garfield, Millville, New Brunswick, Newark, Orange, West Orange, Orange, Passaic, Paterson, Perth Amboy, Phillipsburg, Salem, Sussex Borough, and Trenton.
The nonprofit organizations will use the NRTC funding to implement revitalization plans that address housing and economic development, as well as complementary activities such as social services, recreation programs, employment training, and open space improvements.
“The Neighborhood Revitalization Tax Credit Program is a time-tested initiative that delivers proven results for neighborhoods at risk of decline while promoting corporate social responsibility. It has only gotten better with age, which is why the program continues to attract robust funding,” said Lt. Governor Sheila Oliver, who serves as DCA Commissioner.
“Through DCA’s work in connecting corporations with worthwhile neighborhood projects, the Department is helping residents and small businesses benefit in tangible ways from these community-corporate partnerships,” said Oliver.
The NRTC Program, which is administered by DCA’s Division of Housing and Community Resources, is designed to spark the revitalization of neighborhoods vulnerable to decline. It does this through strategic plans developed by local residents and community-based nonprofit organizations that assist them, as well as through financial contributions from corporations.
“In addition to corporate contributions, this year’s funding for the NRTC program is also coming from the American Rescue Plan’s State and Local Fiscal Recovery Fund. For this we thank our Congressional delegation and federal government partners,” said Lt. Governor Oliver.
The nonprofit organizations prepare, submit, and receive approval from DCA for multi-year revitalization plans for the neighborhoods they serve. The corporations contribute funding to the NRTC Program and in return receive a 100 percent tax credit against various New Jersey state taxes. Every year, projects and activities from the approved revitalization plans are listed in a qualified projects pool from which corporations choose the ones they want to financially support.
You must log in to post a comment.