Horizon Blue Cross Blue Shield of New Jersey (Horizon BCBSNJ) today announced that it is investing nearly $1 million in four urban community development projects through the New Jersey Department of Community Affairs’ (DCA) Neighborhood Revitalization Tax Credit (NRTC) program. The supported projects will assist with the economic revitalization of Elizabeth, Camden and Paterson.
“For 85 years, Horizon has been making investments that enrich the lives and health of our members and giving back to the communities we serve across the state,” said Robert A. Marino, Chairman and CEO of Horizon BCBSNJ. “The NRTC program makes it possible for public, private and non-profit organizations to combine resources to help our proud urban neighborhoods thrive and prosper. As a Newark-based corporate citizen, Horizon recognizes the importance of investing in urban New Jersey, and the NRTC program is an ideal way to support the people and organizations that are improving the quality of life in our great cities.”
The NRTC program is designed to foster the revitalization of New Jersey’s distressed neighborhoods. Program funds are used by neighborhood-based non-profit organizations that have prepared, submitted and received approval from the DCA for a revitalization plan for the neighborhood it serves. The funds must be used by the eligible organizations for projects and activities that will implement the goals and strategies of an approved neighborhood plan.
Horizon BCBSNJ is investing in the following projects through the NRTC program:
Elizabeth Development Company — Trinitas Emergency Department – Training & Education Facility
A total of $732,000 ($450,000 from Horizon BCBSNJ) will be used to modernize and expand the Trinitas Emergency Department to create a welcoming facility for patients. The funds will also expand the size and scope of education, training and career advancement at the hospital’s training and education facility, enabling hundreds of more trainees to access advanced medical equipment and technology.
NJ Community Development Corporation — Great Falls Education & Training Center
A total of $985,000 ($200,000 from Horizon BCBSNJ) will fund:
St. Joseph’s Carpenter Society — My East Camden, the Fourth Wave
A total of $585,000 ($135,000 from Horizon) will be used for:
The Cooper Health System — Cooper Plaza V
A total of $919,375 ($200,000 from Horizon) will be used for:
This is the eighth year Horizon BCBSNJ has participated in the State’s NRTC program.
The NRTC program provides business entities a 100 percent tax credit for funds provided to nonprofit entities carrying out comprehensive revitalization plans. Nonprofit entities must use at least 60% of the tax credit funds for housing and economic development; the remaining funds may be used for supportive services and other neighborhood improvements.Related Articles: