Valley National Bank Invests $250,000 in Neighborhood Revitalization Tax Credit Funds for the Great Falls Education and Training Center in the City of Paterson

NJCDC
WAYNE, N.J. – Thursday, February 8, 2018 – Partnering with the New Jersey Community Development Corporation (NJCDC), Valley National Bank allocated funds to finance the continued renovation of a former derelict property within the Greater Spruce Street neighborhood of Paterson, New Jersey. Last year’s Neighborhood Revitalization Tax Credit (NTRC) investment of $75,000 helped to finance the acquisition of this former American Legion Hall and this year’s funds will assist in its continued transformation into a neighborhood center, the Great Falls Education and Training Center that will provide educational, job training, and microenterprise development services to neighborhood youth and young adults.
 
The Great Falls Education and Training Center will become a state-of-the-art facility consisting of well-designed training and lab spaces for audio and visual recording, editing, and computer programming. The project will also include exterior site improvements such as an outdoor recreation/classroom space and community gardens overlooking the Passaic River, and parking and exterior safety lighting. This project will address employment and training needs for young urban residents by providing instruction in cutting edge fields such as audio and video production, serving as a pathway to employment.
 
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)  NJCDC points to their prior NRTC funding for this project as instrumental in their ability to obtain private loans for the Great Falls Education and Training Center initiative including a $550,000 loan from Valley National Bank.
 
"We are excited to further our NRTC investments in this state-of-the-art Education & Training Center, in partnership with NJCDC, that will offer area youth meaningful job training and a pathway to opportunity.” Bernadette Mueller, Executive Vice President, Corporate Social Responsibility-CRA
 
"Through the NRTC program, Valley National Bank is continuing to invest in Paterson and in the thousands of young people we serve on a daily basis.  This contribution will enable us to undertake additional renovations to our new youth center, providing Paterson teens with a safe place to build skills and further their education.” Bob Guarasci, Founder & CEO of the NJCDC.
 
About NJCDC
New Jersey Community Development Corporation (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 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 approximately $28 billion in assets, reflecting the recent acquisition of USAB. 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.