Feb-15-2011 Christie Administration Welcomes JP Morgan Chase’s $1 Million Contribution to Community Redevelopment Program at DCA
Christie Administration Welcomes JP Morgan Chase's $1 Million Contribution to Community Redevelopment Program at DCA
Neighborhood Revitalization Tax Credit Funds to Benefit Projects in Elizabeth, Newark
TRENTON, N.J. – JPMorgan Chase donated $1 million toward the construction, rehabilitation and restoration efforts of various buildings in Elizabeth and Newark through the New Jersey Department of Community Affair's (DCA) Neighborhood Revitalization Tax Credit Program (NRTC), the Christie Administration announced today. The contribution will help build a medical training center in Elizabeth, as well as create affordable housing and restore a historical site in Newark.
"We are pleased to accept this $1 million contribution from JPMorgan Chase for the Neighborhood Revitalization Tax Credit Program," said Commissioner Grifa. "The program relies on corporations to provide the investment that will help improve distressed neighborhoods in the state. We commend JPMorgan Chase's contribution to the program and hope that their participation continues."
NRTC 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 program pairs community-based non-profit groups, which have created DCA-approved neighborhood revitalization plans, with corporations that can provide funding for these projects and activities. The DCA oversees the program and process.
JPMorgan Chase operates 228 branches and 430 ATMs in New Jersey. More than 9,600 JPMorgan Chase employees live in New Jersey and the bank has more than 5,600 employees working in the state.
"Public-private partnerships are a key mechanism to creating jobs and spurring economic growth," Commissioner Grifa said. "This is one of the best public-private partnerships in the state because everyone wins. Companies get a tax credit and contribute to neighborhood redevelopment programs of their choosing; non-profit groups with a proven track of helping their communities get much needed dollars; and residents get a better neighborhood."
The $1 million donation is slated to go to three non-profit organizations: Elizabeth Development Company, Lincoln Park Coast Cultural District (LPCCD) in Newark, and Unified Vailsburg Services Organization (UVSO) in Newark.
Elizabeth Development Company will direct the $400,000 it is set to receive to Trinitas Medical Center of Regional Education, which is building a state-of-the-art facility for paramedic and emergency medical technician training, health and wellness classes, and community events. LPCCD in Newark, which is scheduled to get $350,000, will put its funding toward restoring the fire-damaged facade of the historic South Park Presbyterian Church where Abraham Lincoln once addressed the congregation in 1861. UVSO in Newark, which is set to receive $250,000, will convert eight foreclosed homes in Newark's Vailsburg section into 12 affordable housing units.
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.