Jan-25-2011 Model Public-Private Partnership Initiative at DCA Reaches $10 Million Milestone for the Year
Model Public-Private Partnership Initiative at DCA Reaches $10 Million Milestone for the Year
Neighborhood Revitalization Tax Credit Program Assists Redevelopment Efforts in Urban Areas
ORANGE, N.J. – New Jersey Department of Community Affairs (DCA) Commissioner Lori Grifa today announced the Neighborhood Revitalization Tax Credit (NRTC) program has reached its $10 million milestone in corporate contributions for state fiscal year 2011, which is the statutory limit. The program offers business entities a 100 percent tax credit against various New Jersey state taxes for investing in the redevelopment of low-and moderate-income neighborhoods in eligible municipalities.
"Governor Christie believes public-private partnerships are a key mechanism to creating jobs and spurring economic growth. The Neighborhood Revitalization Tax Credit Program is designed to achieve those goals and help solve one of the State's toughest challenges – redeveloping city neighborhoods in need of assistance," said Commissioner Grifa. "This is the earliest point at which the NRTC contributions limit has been reached and demonstrates the program's successful model."
NRTC is a unique funding program that pairs community-based non-profit groups, which have created neighborhood revitalization plans, with corporations that can provide funding for these approved projects and activities. The DCA oversees the program and process.
Commissioner Grifa made the milestone announcement at an event today where she accepted TD Bank's $1 million NRTC contribution toward revitalization efforts in Orange, Camden and Jersey City.
The non-profit groups Housing and Neighborhood Development Services Inc. (HANDS) of Orange, Parkside Business and Community in Partnership in Camden, and Women Rising in Jersey City will use the $1 million to advance several initiatives in their respective communities.
"Governor Christie and I commend TD Bank for its investment in the future of the state's urban areas," said Commissioner Grifa. "A tremendous amount of good can come from this unique initiative, which is why we are excited TD Bank is participating."
TD Bank, which is headquartered in Cherry Hill, NJ, and Portland, Maine, is one of the 10 largest banks in the United States with more than 1,250 locations along the East Coast. This is the bank's first contribution to NRTC.
HANDS was formed in 1986 to revitalize neighborhoods in the cities of Orange and East Orange, which border Newark. Parkside Business and Community in Partnership has spent 20 years building a vibrant neighborhood in Parkside through efforts to advance quality education, mixed income housing and commercial development. WomenRising helps Hudson County women and their families achieve self-sufficiency through social services, economic development and advocacy services.
TD Bank's NRTC contribution has been designated as follows:
HANDS ($397,500): to reconstruct a former firehouse and former bar on Forest Street for mixed uses and to continue revitalization efforts for the Valley neighborhood.
Parkside Business and Community in Partnership ($252,500): to help construct a 3-story retail and office building on Haddon Avenue in Camden that will meet LEED (Leadership in Energy and Environmental Design) standards and help to revitalize the Haddon Avenue business district.
WomenRising ($350,000): to help develop the commercial portion of a mixed-use building on Monticello Avenue in Jersey City that will include a new supermarket to serve the Bergen Hill neighborhood and create/retain up to 70 jobs.
Since NRTC was created in 2003, the DCA has approved 24 neighborhood revitalization plans in 14 cities. To date, the Department has approved 29 NRTC grants to implement these neighborhood plans, totaling over $22 million in funding.
For more information about the Neighborhood Revitalization Tax Credit Program, please log on to http://www.nj.gov/dca/divisions/dhcr/offices/nrtc.html.