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New Jersey DCA Awards Record $21.75 Million in Neighborhood Revitalization Tax Credit Funding for Second Consecutive Year
The New Jersey Department of Community Affairs (DCA) announced a record $21.75 million in funding awards to 27 community-based nonprofit organizations across the state through the Neighborhood Revitalization Tax Credit (NRTC) Program. This marks the second consecutive year DCA has awarded a record amount of NRTC funding to a record number of nonprofit organizations, highlighting the Department's dedication to revitalizing neighborhoods in need of extra attention.
The NRTC funding will be used by nonprofit organizations to implement comprehensive revitalization plans, addressing housing and economic development, social services, recreation programs, employment training, and open space improvements. These projects aim to rejuvenate neighborhoods at risk of decline while promoting corporate social responsibility.
Lt. Governor Sheila Oliver, who serves as DCA Commissioner, praised the NRTC Program as a "time-tested initiative that delivers proven results for neighborhoods at risk of decline" and noted that the program continues to attract robust funding due to its success.
The NRTC Program, administered by DCA's Division of Housing and Community Resources, is designed to foster the revitalization of neighborhoods vulnerable to decline through strategic plans developed by local residents, community-based nonprofit organizations, and financial contributions from corporations. Corporations contribute funding to the NRTC Program and receive a 100% tax credit against various New Jersey state taxes in return.
This year's funding also includes contributions from the American Rescue Plan's State and Local Fiscal Recovery Fund. Lt. Governor Oliver expressed gratitude to the Congressional delegation and federal government partners for their support.
NRTC funds can be used by nonprofit organizations for various purposes, including constructing and rehabilitating affordable housing units, creating commercial facilities, assisting small businesses and microenterprises, offering employment training, improving open spaces, providing social and community services, organizing recreation activities, implementing crime prevention initiatives, and conducting community outreach.
The 27 nonprofit organizations receiving FY 2023 NRTC funding awards will benefit neighborhoods across cities such as Asbury Park, Atlantic City, Bridgeton, Camden, Garfield, Millville, New Brunswick, Newark, Orange, Passaic, Paterson, Perth Amboy, Phillipsburg, Salem, Sussex Borough, and Trenton.
More information about the Neighborhood Revitalization Tax Credit program can be found at https://www.nj.gov/dca/divisions/dhcr/offices/nrtc.html.
The Division of Housing and Community Resources is committed to strengthening neighborhoods through the delivery of affordable housing and supportive services, 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.
