New Jersey American Water Announces Nearly $1 Million In NRTC Funding For Asbury Park & Camden
New Jersey American Water today announced the awarding of $950,000 in Neighborhood Revitalization Tax Credit (NRTC) funding to Interfaith Neighbors of Asbury Park and The Cooper Health System of Camden. The funding will be used for projects aimed at improving housing and economic development opportunities in both cities.
“For the past decade, New Jersey American Water has seized the opportunity to use the state’s generous NRTC program to provide funding to transformational projects in the communities we serve,” said Cheryl Norton, president of New Jersey American Water. “This year, we are proud to support Interfaith Neighbors in Asbury Park and the Cooper Health System in Camden. The positive impact that these programs can have on the residents of these communities exemplifies our commitment to giving back to the communities in which we serve.”
The Department of Community Affairs’ NRTC program is designed to foster the revitalization of New Jersey neighborhoods. Each year, credits are provided to business entities that invest in the revitalization of low- and moderate-income neighborhoods in eligible cities. Sixty percent of the tax credit funds must be used for activities related to the development of housing and economic development. The remaining balance may be used for complementary activities such as the provision of assistance to small businesses, removing barriers to self-sufficiency, and promoting the integration of mixed-income neighborhoods. NRTC funds are used by neighborhood-based non-profit organizations that have prepared, submitted and received approval from the New Jersey Department of Community Affairs (DCA) for a revitalization plan for the neighborhood it serves. New Jersey American Water’s application to award these grants was approved by the DCA in December 2019.
In Asbury, New Jersey American Water’s funding will support Interfaith Neighbors’ West Side Asbury Park, Project IX. This initiative includes employment training and job placement; programming and youth services; and affordable housing, with a focus on providing home ownership opportunities for Asbury Park’s Westside residents and assisting existing residents in the neighborhood, many of whom are elderly and of limited means.
“The State’s NRTC program makes neighborhood revitalization possible. Support from corporate investors like New Jersey American Water makes it a reality,” said Paul L. McEvily, Executive Director, Interfaith Neighbors, Inc. “On the West Side of Asbury Park, dreams of homeownership for low-to-moderate income families are coming true, seniors are getting the care they need, and young adults can glimpse a brighter future courtesy of New Jersey American Water’s investment in our community.”