NJCDC brings $1 Million to Paterson with NRTC Funding

NJCDC hosted a ceremony on Friday, June 4, 2010 with Lori Grifa, Commissioner of the New Jersey Department of Community Affairs, who announced NJCDC’s receipt of $1 million through the Neighborhood Revitalization Tax Credit (NRTC) Program.  Through this unique program, New Jersey corporations are able to designate qualified non-profits to receive funds that would otherwise go to the general treasury.  The $1 million for NJCDC was provided by PSE&G ($500,000), BD ($200,000), Thomson Reuters ($200,000), and Lakeland Bank ($100,000).  NJCDC intends to use most of the $1 million for capital costs related to the conversion of a historic mill building in Paterson into an innovative training and conference facility to be used by private, public, and community entities.  Some of the funding will also support NJCDC’s ongoing efforts to sponsor programming in the Great Falls Historic District related to overall neighborhood revitalization efforts.

Bob Guarasci, NJCDC’s CEO, stated “today’s event celebrates investments by four wonderful corporations and highlights how their contributions will help to further the impact of our nation’s newest national park–the Great Falls National Historical Park–which falls in the heart of NJCDC’s targeted revitalization zone.  We are grateful to PSE&G, BD, Thomson Reuters, and Lakeland Bank-as well as Commissioner Grifa and
NJDCA-for their support of our efforts.

NJCDC is interested in undertaking additional projects with NRTC funding and corporations with New Jersey tax liability who might be interested in utilizing the tax credit should call Mike Powell of NJCDC at
973-413-1635 or mpowell@njcdc.org.