Provident Bank, a leading New Jersey-based financial institution, has awarded $475,000 in funding to five non-profit organizations as part of the New Jersey Department of Community Affairs, Neighborhood Revitalization Tax Credit (NRTC) Program for fiscal year 2021.
The nonprofit organizations will use the funding to implement revitalization plans that address housing and economic development, provide opportunities for entrepreneurs to start businesses and job training for local residents, as well as complementary activities such as social services, recreation activities, and open space improvements. The New Jersey Department of Community Affairs (the “Department”) served as the intermediary agency between the non-profit organizations and Provident Bank.
NRTC program funding from Provident Bank has been awarded by the Department to the following non-profit organizations:
“Provident Bank is pleased to support these non-profit organizations through the NRTC program,” said Joseph Spatola, senior vice president, chief compliance and CRA officer. “Our investment in this program is essential to these organizations’ efforts to advance their missions and revitalize their respective neighborhoods and is consistent with our commitment to helping the communities we serve,” added Spatola.
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 local organizations prepare, submit, and receive approval from DCA for multi-year 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 set forth in the approved neighborhood plans.
The funds originate from corporations, which receive a 100% tax credit against various New Jersey state taxes for the amount of funds contributed to the NRTC Program.
To access more business news, visit NJB News Now.Related Articles: