Sep-28-06 DCA Announces New Partners in Neighborhood Revitalization Tax Credit Program
New Jersey Natural Gas will be partnering with Interfaith Neighbors, Inc. to help incorporate a ten-year plan to revitalize Asbury Park’s West Side Neighborhood.
“The Neighborhood Revitalization Tax Credit Program exemplifies the partnership we seek to foster between the business community and non-profit organizations, ” said Levin. “This plan ensures that the West Side will be a beneficiary of the redevelopment of the city.”
The ten-year plan to revitalize Asbury Park’s West Side Neighborhood was developed by Interfaith Neighbors Inc. using a $30,000 NRTC planning grant from DCA. New Jersey Natural Gas has agreed to be a corporate investor in the plan and will receive tax credits under the Neighborhood Revitalization Tax Credit Program. New Jersey Natural Gas’ total investment within the first three years of the plan will be $150,000.
“There's a real sense of progress in Asbury Park these days -- Downtown, the Oceanfront and Main Street all show visible signs of renewal,” said Marmora. “With the DCA’s approval of our West Side Neighborhood Revitalization Plan in hand and with the corporate support of the NJ Natural Gas Company and other prospective corporate tax credit investors in this plan, Interfaith Neighbors looks forward to working with the West Side community to foster economic growth and a significant increase in affordable housing."
Interfaith Neighbors, Inc. is a nonprofit corporation founded in May 1988. The agency operates the Monmouth County Nutrition Program for senior citizens, a rental assistance program for low-income families, and a Home Construction and Renovation Program for low-income families. With over 700 active volunteers and a staff of 38, Interfaith Neighbors, Inc. delivers over 400,000 meals each year to senior citizens and disabled adults.
“For over ten years, we have worked closely with Interfaith Neighbors to help make a difference in the communities we proudly serve,” said Downes. “Together with the Department of Community Affairs we are taking our partnership to the next level. Through the West Side Neighborhood Revitalization Plan we are making an investment in our communities, our state and our future.”
New Jersey Natural Gas is the principal subsidiary of New Jersey Resources. It is one of the fastest-growing local distribution companies in the United States providing safe, reliable energy services to more then 468,000 customers throughout Monmouth, Ocean, Middlesex and Morris Counties.
The Neighborhood Revitalization Tax Credit Program (NRTCP) is designed to foster the revitalization of New Jersey’s distressed neighborhoods. The Program offers business entities a 50 percent tax credit against various New Jersey state taxes. Credits are provided to business entities that invest in the revitalization of low- and moderate-income neighborhoods in eligible cities. Sixty percent of the tax credit funds must be used for activities related to the development of housing and economic development. The remaining balance may be used for complementary activities such as the provision of assistance to small businesses, removing barriers to self-sufficiency, and promoting the integration of mixed-income neighborhoods. T he program is administered through DCA’s Division of Community Resources.
More information on the Neighborhood Revitalization Tax Credit Program can be obtained by going online at http://www.nj.gov/dca/dcr/nrtc/index.shtml or calling 609-633-6286.