March 31, 2022
The New Jersey Department of Community Affairs (DCA) has announced that it will award a total of $14.25 million to 19 community-based nonprofits in the state through the Neighborhood Revitalization Tax Credit (NRTC) Program. These awards represent the largest amount of NRTC funding ever distributed, and the largest number of organizations ever to receive funding in the program's annual project application cycle.
As reported on njbiz.com, the goal of NRTC is to catalyze the renewal of neighborhoods across the state that are at risk of a downturn, through efforts developed by residents and local nonprofits, with help from financial contributions from businesses.
New Jersey Lt. Governor Sheila Oliver, who also serves as DCA Commissioner, was quoted saying, "The Neighborhood Revitalization Tax Credit Program is a long-standing DCA initiative that flat out works . . . Year in and year out, it delivers demonstrable results in improving neighborhoods that are vulnerable to decline. We are incredibly proud to administer this program, which helps promote corporate social responsibility. By connecting corporations with meaningful neighborhood projects, residents and small businesses are reaping the rewards of these symbiotic partnerships . . . We look forward to seeing all the good that comes from these revitalization efforts."
Click here to read more on this story, and for a full list of neighborhoods and nonprofits benefiting from NRTC funding, and the respective funding amounts.