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NJCDC Awarded $985,000 in NRTC Funding to Continue Neighborhood Revitalization Efforts

NJCDC Awarded $985,000 in NRTC Funding to Continue Neighborhood Revitalization Efforts

June 5, 2023

Over the years, the State of New Jersey's Neighborhood Revitalization Tax Credit (NRTC) Program has played an integral part in NJCDC's success in revitalizing the neighborhood we serve—Paterson's Great Falls Neighborhood. Overseen by New Jersey's Department of Community Affairs, the NRTC Program offers corporations a 100% tax credit for up to $1 million in funds provided to nonprofits carrying out comprehensive, state-approved neighborhood revitalization plans.

This year, we were awarded a total of $985,000 from Valley Bank, TD Bank, Provident Bank, PNC Bank, Lakeland Bank, and Amerigroup New Jersey. These funds will be used to support our new affordable housing project at 98 Spruce Street, which will also have ground-floor retail space.

Over the next two years, NJCDC will seek funding to enable us to demolish the existing building and construct a mixed-use building consisting of affordable housing units and ground-floor retail. This project will remove a blight on our neighborhood of Paterson—a go-go bar on the corner that serves as the entryway into the Great Falls Historic District—and create additional, much-needed affordable housing in the neighborhood we serve.

The new building will create between 10 and 15 new affordable housing units in the neighborhood. And 100% of these units will support individuals and families in need of housing. The ground floor of the building will also offer retail space to support local small-business owners in the neighborhood. Projects like this—ridding our neighborhood of eyesores and building new structures—are vital to bringing back urban centers and are a core element of our work.

NJCDC Founder and CEO Bob Guarasci said, "We are extremely grateful for the NRTC Program and all the funding that has been awarded to us to continue our work revitalizing Paterson's Great Falls Neighborhood." He continued, "And I would also like to thank all the organizations—Valley Bank, TD Bank, Provident Bank, PNC Bank, Lakeland Bank, and Amerigroup New Jersey—that are supporting this important project as we rebuild our neighborhood by tearing down blight.

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