Columbia Bank recently announced its funding of five local nonprofit’s revitalization plans through its partnership with New Jersey’s Neighborhood Revitalization Tax Credit Program (NRTC). A total of $500,000 was awarded to nonprofits for affordable housing, economic development and supportive services that promote a thriving community.
“As Columbia takes a multi-faceted approach to investing in our neighborhoods, we understand the importance of making organizations aware of programs like NRTC. Through our investment, local non-profits will have the support needed to execute comprehensive revitalization plans designed to build more resilient communities,” said, Thomas J. Kemly, President and CEO of Columbia Bank. “Please join me in congratulating this year’s credit recipients, Camden Lutheran Housing, Heart of Camden, Parkside Business & Community in Partnership, Passaic County Habitat for Humanity, and Urban League of Essex County as they continue to foster growing and resilient communities.”
The Neighborhood Revitalization Tax Credit Program (NRTC) 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 activities that promote neighborhood revitalization. The nonprofits prepared plans, submitted applications, and received approval from the Department to receive funding.
“This investment from Columbia Bank through NRTC is important for the ongoing revitalization of North Camden. Their partnership will help strengthen housing assets and support community activities in the neighborhood, improving the quality of life for residents and workers as well as visitors to North Camden,” said, Brandi T. Johnson, Executive Director of Camden Lutheran Housing, Inc.
Read more about the supported plans:
Camden Lutheran Housing, Inc. (CLHI) - Our North Camden 2024!
The “Our North Camden 2024!” plan will develop, repair, and preserve affordable housing in North Camden for homeowners, renters, and individuals with disabilities.
Heart of Camden (HOC) – Catch the Wave to a Thriving Waterfront South
The Waterfront South Neighborhood plan encompasses a 10-year community development vision to improve housing, economic development, youth programs, and environmental and public safety enhancements.
Parkside Business & Community in Partnership - Creating an Equitable, Healthy and Thriving Parkside
The development strategy incorporates inclusion, equity, and wealth building through occupying real estate vacancies with community-based entrepreneurs, more affordable housing options, clean streets, and accessible healthy produce for all residents.
Passaic County Habitat for Humanity – Pride in the Northside
The Pride in the Northside plan will construct and preserve quality affordable housing for families in need, help convert an abandoned historical public library into a Community and Family Resource Center and support several youth development programs.
Urban League of Essex County – Fairmount Revitalization 2024
The Fairmount Revitalization 2024 plan encourages the economic and community development in Newark’s Fairmount Heights neighborhood through new housing, computer careers workforce training program, the creation of “Freepair” (an on-the-job training program to strengthen outcomes for current construction of a skilled trades workforce participants), and continued programs and activities that advance economic empowerment and improve housing security for residents.
