Valley National Bank Invests $100,000 in Neighborhood Revitalization Tax Credit Funds for the Greenville Home Ownership Initiative

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WAYNE, N.J. – Friday, February 16, 2018 – Partnering with the Garden State Episcopal Community Development Corp (GSECDC) Valley National Bank allocated $100,000 in tax credit funds to finance the continued renovation of a derelict property within the Greenville Neighborhood in Jersey City, New Jersey toward the creation of affordable housing for eight households. This Greenville Home Ownership Initiative is one of four priority community development activities identified in the I Love Greenville Community Plan and is facilitated through the acquisition of abandoned properties from the Jersey City Redevelopment Agency through the Abandoned Properties Rehabilitation Act. GSECDC is an approved development entity to develop properties on the City-wide list.
 
Additional priorities under this year’s Greenville Community Plan goals include the Greenville Youth Life Skills & Peer Mediation to engage residents in community organizing and mentoring opportunities, and the Greenville Nursing Scholarship Program.
 
The NRTC program is one of the most successful public/private programs furthering community development and neighborhood change in New Jersey. A review of closed projects that sought additional funds revealed that an initial NRTC investment of $33 Million leveraged over $166 million in additional public and private investments. (http://www.hcdnnj.org/assets/documents/nrtc_report_2017.pdf).
 
"We are excited to partner with Garden State Episcopal Community Development Corp and its partners in the I Love Greenville Community Plan to improve quality of life issues related to housing, employment, education, health and economic development." Bernadette Mueller, Executive Vice President, Valley National Bank.
 
The primary goal of the I Love Greenville Community Plan is to increase engagement of area residents and other stakeholders -- encouraging more deliberate involvement in shaping the future of this beloved community. We’re grateful to have Valley National Bank and the other NRTC investors as partners to help realize our collective vision.”  Carol Mori Executive Director, Garden State Episcopal CDC.
 
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 the NRTC Program
The NRTC Program provides business entities with a 100% 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. The NRTC Program is part of the New Jersey Department of Community Affairs Division of Housing and Community Resources.

About Valley
Valley National Bancorp is a regional bank holding company headquartered in Wayne, New Jersey with over $28 billion in assets. Its principal subsidiary, Valley National Bank, currently operates over 230 branch locations in northern and central New Jersey, the New York City boroughs of Manhattan, Brooklyn, Queens and Long Island, Florida and Alabama. Valley National Bank is one of the largest commercial banks headquartered in New Jersey and is committed to providing the most convenient service, the latest in product innovations and an experienced and knowledgeable staff with a high priority on friendly customer service. For more information about Valley National Bank and its products and services, please visit www.valleynationalbank.com or call our Customer Service Center at 800-522-4100.