Access to affordable housing, employment, education, and economic mobility are key to a thriving community. These four pillars are critical, yet access to each is still needed in communities nationwide.
In New Jersey, the state’s Neighborhood Revitalization Tax Credit (NRTC) program has helped increase this access, fostering strong community development projects for neighborhoods across the state. Established in 2002 by the Housing and Community Development Network of New Jersey, the NRTC program offers business entities a 100 percent tax credit for funds allocated to participating nonprofits that carry out comprehensive revitalization plans for low-and moderate-income neighborhoods.
In the 2022-23 financial cycle, Valley Bank invested $1 million in New Jersey’s NRTC program, supporting the revitalization projects for eight urban communities led by nonprofit partners across Northern and Central New Jersey. Valley’s investment will be used to support the following projects:
- The Urban League of Essex County programs will focus on workforce development, housing, and economic empowerment in Newark’s Fairmount Heights neighborhood.
- The New Jersey Community Development Corp will build additional affordable housing units in Paterson.
- Valley’s investment will also support affordable housing projects in Paterson and Newark through local Habitat for Humanity affiliates.
- The Boys & Girls Club of Paterson and Passaic’s “Empower Eastside” Neighborhood Plan provides economic mobility for Eastside families and business owners.
- The continued revitalization of the South Main Street neighborhood in downtown Phillipsburg by Norwescap leverages prior NRTC affordable housing investments in partnership with Habitat for Humanity’s Warren County chapter to increase owner-occupied housing.
- The Jewish Renaissance Foundation in Middlesex County supports the Perth Amboy Alliance for Community Neighborhood Plan toward housing rehabilitation in collaboration with Morris Habitat for Humanity and the Housing Authority of Perth Amboy.
- New Brunswick Tomorrow will construct affordable housing for residents experiencing chronic homelessness and in partnership with the Puerto Rican Action Board, the provision of housing counseling services for Esperanza Neighborhood residents to prepare families for homeownership.
Under the administration of the New Jersey Department of Community Affairs (DCA), the NRTC program has become one of the most successful public/private programs, having achieved substantial economic progress since 2010 including: the construction of 97 new housing units; the rehabilitation of 365 housing units; the creation of 17 commercial spaces; providing assistance to 64 commercial business ventures; and providing job training, job placement services, and youth mentoring opportunities for 2,100 individuals.1
The upcoming projects for the 22-23 funding cycle will only add to these numbers, extending the NRTC program’s reach and increasing access to economic vitality for more communities in need.
“The impact of the NRTC program cannot be understated,” said Bernadette Mueller, EVP, Chief Corporate Social Responsibility-CRA Officer, at Valley Bank. “Participating communities have benefitted from expanded housing, increased economic activity and access to opportunities which enhances the economic health of these neighborhoods. We support this program because it’s making a significant difference for our community members.”
To learn more about New Jersey’s NRTC program, please visit New Jersey’s Department of Community Affairs at www.state.nj.us./dca/
To learn more about Valley’s support of community revitalization efforts with longtime community partners, please visit www.valley.com/why-valley/our-community-commitment
1. New Jersey Department of Community Affairs, “The New Jersey Neighborhood Revitalization Tax Credit Program (Program Summary for Community Organizations),” https://www.nj.gov/dca/divisions/dhcr/offices/docs/nrtc/nrtcguidecomgrps.pdf