Valley Bank announced Thursday that it has invested $1 million in Neighborhood Revitalization Tax Credits for fiscal year 2023 to 2024. The bank’s investment, which is administered by the state Community Affairs Office, has been allocated to support six nonprofit organizations operating in targeted areas in Warren, Union, Passaic, Essex and Middlesex counties.
This new funding will add to the more than $7.5 million the bank has already invested in New Jersey communities through the program.
The NRTC program offers businesses the opportunity to use New Jersey tax credits to invest in community-based nonprofit organizations that are actively working to revitalize their neighborhoods based on DCA-approved resident-led revitalization plans.
“Since its inception in 2002, the NTRC program has been one of the most successful public-private programs driving community development and neighborhood transformation in New Jersey,” said Valley Executive Vice President and Chief Corporate Social Responsibility (CRA) Officer Bernadette Mueller. “We are grateful for the NRTC program, DCA’s administration of it, and all of our nonprofit partners who are committed to advancing revitalization goals across New Jersey’s communities.”
The following people were awarded funds:
- NorwesCAP and the South Main Street District of Phillipsburg plan to use the funding to support homeownership through new housing and a Community Economic Development Incubator Kitchen. NorwesCAP plans to acquire a vacant former restaurant storefront on Main Street in 2022 and turn it into a community hub to support small businesses and increase community engagement.
- The Elizabeth Development Company has partnered with the Music Institute for Children to promote economic development through the arts. NRTC funds will fund the first of three phases of the IMC’s $50 million development of a three-acre arts and culture campus on the site of the former Third Westminster Presbyterian Church. IMC serves about 600 students, primarily from Elizabeth, through afterschool and summer institutes.
- The New Jersey Community Development Corporation’s project in Paterson’s Great Falls neighborhood serves more than 4,000 children and families. The 23-24 Great Falls Gateway Expansion project will demolish a problematic building and build in its place a new mixed-use building with 11 housing units and ground-floor retail space. The additional program support will enhance NJCDC’s education, job training, and small business development services for youth and young adults provided at the Great Falls Education and Training Center, as well as other resident-led initiatives.
- New Brunswick Tomorrow’s predominantly Latino Esperanza neighbourhood will use the funds for community improvements, including affordable housing through the construction of supportive rental apartments, a new food business incubator program for entrepreneurs, summer programs for youth and other community-building activities.
- Clinton Hill Community Action will use funds for affordable housing development and homeownership in Newark’s Upper Clinton Hill neighborhood. CHCA’s revitalization efforts also include creative placemaking through arts programming and improving access to fresh food through urban agriculture and farmers’ markets.
- The Urban League of Essex County is revitalizing Newark’s Fairmount Heights neighborhood through homeownership and workforce training programs.
