The New Jersey Department of Community Affairs announced $11.4 million in awards yesterday to 18 community-based nonprofits. The funding will be delivered through the Neighborhood Revitalization Tax Credit (NRTC) program and will be used to implement revitalization plans that address housing and economic development, as well as complementary activities such as social services, recreation, and open-space improvements.
“Public-private partnerships are a key mechanism for creating affordable-housing opportunities and spurring economic growth,” said Lt. Governor Sheila Oliver, who serves as DCA Commissioner.
NRTC funds are donated by corporations, which receive a 100% tax credit against various New Jersey state taxes for the amount contributed to the program.
The NRTC program, which is administered by DCA’s Division of Housing and Community Resources, is designed to spur the renewal of distressed neighborhoods through strategies developed by residents and the community-based nonprofit organizations that assist them. These organizations prepare, submit and receive approval from the DCA for multiyear revitalization plans for the neighborhoods they serve. The approved projects are listed in a qualified projects pool from which companies choose the ones they want to financially support. The NRTC funds must be used by the nonprofit groups for projects and activities in the approved neighborhood plans.
Possible uses for NRTC funds by nonprofits include:
- construction and rehabilitation of affordable housing units;
- creation of commercial facilities;
- assistance to small businesses and microenterprises;
- employment training;
- open-space improvements;
- social and community services;
- crime prevention;
- community outreach