Oct-6-2009 DCA Neighborhood Revitalization Tax Credit Program Benefits East Trenton
DCA Neighborhood Revitalization Tax Credit Program Benefits East Trenton
TRENTON - Department of Community Affairs (DCA) Acting Commissioner Charles A. Richman today announced New Jersey Manufacturers Insurance Company (NJM) will donate $1 million toward redevelopment efforts in East Trenton through the DCA Neighborhood Revitalization Tax Credit Program. The program offers business entities a 100 percent tax credit against various New Jersey state taxes for investing in the revitalization of low-and moderate-income neighborhoods in eligible municipalities.
The East Trenton Collaborative, a non-profit organization committed to rejuvenating the neighborhood through improvements to housing, commercial development, employment and social services, will use the money to advance several initiatives.
"The Neighborhood Revitalization Tax Credit Program is a great example of the public-private partnerships that so often offer solutions to some of New Jersey's toughest challenges," said Governor Corzine. "Under this initiative, the DCA works with non-profit groups that have a proven track record of helping their communities, businesses get to contribute to neighborhood redevelopment programs of their choosing, and deserving projects that build pride among residents get a needed boost."
"This is the second consecutive year NJM has made a $1 million contribution through the Neighborhood Revitalization Tax Credit Program," said Acting Commissioner Richman. "Already work is being done to renovate older homes, build new, affordable homes, and attract retail businesses to East Trenton. Both Governor Corzine and I commend NJM and the East Trenton Collaborative for their investment in East Trenton's future."
NJM is New Jersey’s largest provider of personal auto and workers' compensation insurance. It employs about 2,400 people, including 1,800 at its West Trenton headquarters.
The East Trenton Collaborative was formed in 2006 as an umbrella organization for a number of non-profit groups united in the common goal of redeveloping East Trenton. The Collaborative is led by CityWorks and includes Habitat for Humanity-Trenton Area, HomeFront, Isles, and Martin House-Better Community Housing of Trenton. As part of the Neighborhood Revitalization Tax Credit Program, it developed a comprehensive neighborhood plan that was approved by the DCA in August. The Collaborative must use 60 percent of the tax credit funds for activities related to the development of housing and economic development. The remaining balance may be used for complementary activities such as assistance to small businesses, removing barriers to self-sufficiency, and promoting the integration of mixed-income neighborhoods.
The Collaborative will use NJM's $1 million donation to:
Test homes located in the neighborhood for lead dust, indoor asthma triggers, and energy assessments. Based on the findings, remediation and rehabilitation work will be performed.
Locate a satellite office of HomeFront, a social services provider, at 615 North Clinton Avenue to better serve the community.
Help Habitat for Humanity develop ReStore, a facility that will provide inexpensive building supplies to local residents and businesses for maintaining their properties.
Develop a mixed-use retail/housing project and public space at the corner of North Clinton and North Olden.
Secure site control of properties for development as part of the mixed use projects. It is expected that between 40 and 50 lots will be secured for future development.
Since its inception in May 2004, the Neighborhood Revitalization Tax Credit Program has received $21,856,000 in investment dollars into the redevelopment of New Jersey's distressed neighborhoods. The DCA uses the corporate contributions to reimburse non-profit organizations as they complete the projects outlined in their DCA-approved neighborhood plans. So far, the DCA has distributed $6,625,501 of the investment dollars to worthy neighborhood redevelopment projects.
For more information about the Neighborhood Revitalization Tax Credit Program, please log on to http://www.nj.gov/dca/divisions/dhcr/offices/nrtc.html.