The New Jersey Department of Community Affairs (DCA) has announced the allocation of $14.8 million in funding for the state fiscal year 2024 to 21 community-based nonprofit organizations. This funding, provided through the Neighborhood Revitalization Tax Credit (NRTC) Program, will be used by these organizations to implement revitalization plans that focus on housing and economic development. The plans also include activities such as social services, recreation, employment training, and open space improvements in eligible communities.
DCA Acting Commissioner Jacquelyn A. Suárez emphasized the importance of collaboration for neighborhood rejuvenation: “Neighborhood rejuvenation needs buy-in from local governments, community groups, and businesses to ensure long-term sustainability. The Neighborhood Revitalization Tax Credit Program is designed with this type of collaboration in mind.” She added that corporations participating in the program contribute to projects they select and receive a tax credit while helping nonprofit groups improve neighborhoods.
Assistant Commissioner Janel Winter highlighted how the program promotes investment: “By connecting corporations with meaningful neighborhood projects, DCA is helping to promote the kind of investment that can have a profound impact on families, local entrepreneurs, and community anchors.”
The NRTC Program aims to renew neighborhoods through strategies developed by residents with assistance from community-based nonprofits. These organizations submit multi-year revitalization plans for approval by DCA. Once approved, companies choose which projects they wish to support financially from a qualified project pool. In return for their contributions, corporations receive a 100 percent tax credit against various New Jersey state taxes.
More information about the Neighborhood Revitalization Tax Credit Program can be found at https://www.nj.gov/dca/dhcr/offices/nrtc.shtml.
