Valley Bank Invests $350,000 in Neighborhood Revitalization Tax Credit Funds in Elizabeth, Jersey City, Orange, and Paterson, New Jersey

News | 2/26/2019

Neighborhood RevitalizationWAYNE, N.J. Tuesday, February 26, 2019 – Valley National Bank recently partnered with the New Jersey Department of Community Affairs Division of Housing and Community Resources, through their Neighborhood Revitalization Tax Credit (NRTC) Program, to positively impact our communities by investing in nonprofits with approved neighborhood plans.

The NRTC Program provides business entities an 80 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.

“This is one of the most successful public/private programs furthering community development and neighborhood change in New Jersey,” remarked Bernadette Mueller, Executive Vice President of Corporate Social Responsibility. “With over $4 million invested through the NRTC program since its inception, Valley is strengthening the New Jersey economy, transforming New Jersey communities, and creating jobs and affordable homes.”

With this year’s NRTC allocations, Valley participated in financing community development projects across four neighborhoods in major cities across Northern New Jersey, advancing neighborhood plan goals through the following partner projects:

  • The Elizabeth Development Company of New Jersey (EDCNJ), a community-driven non-profit organization, serves as the lead partner in the ongoing effort to foster community revitalization in the city’s historic Elizabethport neighborhood. Valley’s allocations assisted the EDCNJ and the Housing Authority of the City of Elizabeth with pre-development funding for affordable homes, a Workforce Development Program tailored towards Elizabethport residents, and a Micro-Enterprise Assistance Program that will seek to bolster investment in the neighborhood.

  • Garden State Episcopal Community Development Corporation facilitates the realization of the 2019 “I Love Greenville Community Plan” goals in the Jersey City Greenville neighborhood through NRTC projects that tackle the following priority focus areas - Youth Programming, Arts & Culture Initiatives, Affordable Residential/Commercial Space Development and Corridor Improvement including Entrepreneurship Training and Business Growth Services as provided by another of Valley’s collaborative partners, Rising Tide Capital.

  • Valley’s Tax Credit Funds were allocated to two projects in the Valley and the Heart of Orange neighborhoods in Orange through Housing and Neighborhood Development Services Inc (HANDS). Both projects will support Community programs in Orange, grow the arts, enrich the lives of residents through social connectedness and cultural richness and support grassroots community initiatives that further the objectives in the neighborhood plan. The “Makers Mark” project will create maker space for artisans through the complete rehabilitation a 7,300 square foot vacant blighted former industrial building and contribute to the creative economy in the Valley Arts District.

  • Through its NRTC Program funds, New Jersey Community Development Corp. (NJCDC) will purchase and rehabilitate the historic First Presbyterian Church transforming it into a Youth Performing Arts Center, build additional affordable housing, and continue to undertake neighborhood programming through the Great Falls Promise Neighborhood Initiative in Paterson’s Spruce Street neighborhood.
     

About the Elizabeth Development Company of New Jersey
With over 40 years of service, the Elizabeth Development Company of New Jersey continues to work with cross-sector leaders in cities across Union County and Northern New Jersey, to build on innovative urban revitalization practices aimed at improving the economic well-being of the residents and communities we serve. The EDCNJ is a public non-profit organization that works to promote economic revitalization.  For more information, www.edcnj.org

About Garden State Episcopal Community Development Corp
Garden State Episcopal Community Development Corp creates healthy neighborhoods through community development initiatives that cultivate the resources of residents, businesses, government and the faith-based community in serving those most vulnerable in our society. The Division of Housing and Community Development is responsible for carrying out GSECDC's mission providing quality affordable housing opportunities.

About Housing and Neighborhood Development Services Inc (HANDS)
Established in 1986, the mission of HANDS is to empower the residents of Orange and neighboring communities to create neighborhoods of choice-places where people can and do choose to raise their families and run their businesses. By targeting the most pivotal properties for development, engaging citizens and other stakeholders, and leveraging investments of time and funds, HANDS has stabilized neighborhoods and created long term, sustainable change. HANDS is a nonprofit corporation and a chartered affiliate of NeighborWorks® America.

About New Jersey Community Development Corporation (NJCDC)
NJCDC is a private, non-profit community development and social service agency dedicated to creating opportunities to transform lives and neighborhoods within the City of Paterson. A full-service organization NJCDC focuses on education, youth development, housing, and community building initiatives. NJCDC seeks to work collaboratively with partners throughout the public and private sectors to undertake initiatives designed to foster hope, opportunity and tangible benefits for all Patersonians.

About the Neighborhood Revitalization Tax Credit (NTRC) Program
The NRTC Program is designed to foster the revitalization of New Jersey's distressed neighborhoods. NRTC provides business entities with an 80% tax credit for funds provided to nonprofit entities carrying out comprehensive revitalization plans. Nonprofit entities may use funds for housing and economic development and other activities that promote neighborhood revitalization. NRTC is part of the New Jersey Department of Community Affairs, Division of Housing and Community Resources.

About Valley
As the principal subsidiary of Valley National Bancorp, Valley National Bank is a regional bank with approximately $31 billion in assets. Valley is committed to giving people and businesses the power to succeed. Valley operates more than 230 branches across New Jersey, New York, Florida and Alabama, and is committed to providing the most convenient service, the latest innovations and an experienced and knowledgeable team dedicated to meeting customer needs. Helping communities grow and prosper is the heart of Valley’s corporate citizenship philosophy. To learn more about Valley, go to valley.com or call our Customer Service Center at 800-522-4100.