Feb-03-2011 DCA Neighborhood Revitalization Tax Credit Program Funds to Benefit Camden
DCA Neighborhood Revitalization Tax Credit Program Funds to Benefit Camden
Department Commends New Jersey American Water’s $800,000 Contribution toward the Salvation Army’s Kroc Center
TRENTON, N.J. – New Jersey Department of Community Affairs (DCA) Commissioner Lori Grifa today announced New Jersey American Water will donate $800,000 toward redevelopment efforts at the Salvation Army's Kroc Center in the City of Camden through the DCA's Neighborhood Revitalization Tax Credit Program (NRTC). 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.
"Governor Christie and I commend New Jersey American Water for its investment in the future of Camden through the Neighborhood Revitalization Tax Credit Program," said Commissioner Grifa. "A tremendous amount of good can come from this unique program when the corporate community gets involved."
NRTC 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.
New Jersey American Water is the largest water utility in the State, supplying an estimated 2.5 million people in 17 counties with high-quality water and wastewater service. This is the utility's first donation to the NRTC program and the money will go to the Salvation Army-Camden to help fund its Kroc Center project.
"We are so pleased that New Jersey American Water's NRTC contribution has been designated to The Kroc Center, a new, state-of-the-art facility that will be a source of neighborhood pride and serve as a catalyst for urban renewal in Camden," Commissioner Grifa said. "The relationship between the DCA, the Salvation Army and New Jersey American Water exemplifies what the NRTC program is all about and showcases the positive role the business community can play in promoting comprehensive community development."
The Kroc Center will be a 120,000-square-foot community center on Harrison Avenue in Cramer Hill. The 24-acre site will be home to indoor and outdoor recreation areas and opportunities. The Ray and Joan Kroc Foundation provided the lead grant to construct, operate, and partially endow the center.
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.
The program last month reached its $10 million milestone in corporate contributions for state fiscal year 2011, which is the statutory limit. This marks the earliest point in the program's history at which the NRTC contributions limit has been reached.
For more information about the Neighborhood Revitalization Tax Credit Program, please log on to http://www.nj.gov/dca/divisions/dhcr/offices/nrtc.html.