Valley Bank Invests $400,000 in Neighborhood Revitalization Tax Credit Funds in Essex, Warren and Passaic NJ counties

News | 4/28/2020

WAYNE, N.J. – April 28th 2020 – Valley National Bank invested $400,000 across five New Jersey neighborhoods in partnership with the New Jersey Department of Community Affairs (DCA) Division of Housing and Community Resources, through their Neighborhood Revitalization Tax Credit (NRTC) Program, 

The NRTC Program provides business entities an 80 percent tax credit for funds provided to nonprofit entities carrying out comprehensive Neighborhood Revitalization activities through DCA approved neighborhood plans. 

“Since its inception in 2002, the NRTC Program has become one of the most successful public/private programs furthering community development and neighborhood change in New Jersey, leveraging $5-$7 for every dollar invested.” – Staci Berger, President and CEO of the Housing and Community Development Network of New Jersey. 

The NRTC Program gives the Bank another way to help its communities prosper by investing in nonprofits and their revitalization initiatives that advance affordable housing, and economic development including through job-training and youth programs. Valley has invested almost $5 million in its communities through the NRTC program since its inception. With this year’s NRTC allocations, Valley participated in five community development projects in neighborhoods across Northern New Jersey to advance neighborhood plan goals through the following partner projects:

Valley’s Tax Credit Funds were allocated to Housing and Neighborhood Development Services, Inc. (HANDS) to address two critical elements of neighborhood revitalization in the Heart of Orange neighborhood: home rehab to stabilize shelter, and small business development to generate wealth. With their NRTC funds, HANDS will launch a Home Improvement Grant Program focused on health, safety, and energy efficiency improvements, and collaborate with area partners to offer workshops, coaching and access to capital for small businesses seeking to start, grow or stabilize their operations. HANDS is also supporting advocacy for a complete count in Census 2020 and growing capacity and programming for key partner nonprofits and community groups. 

Lincoln Park Coast Cultural District, Inc. (LPCCD) will continue to advance the goals of the Lincoln Park neighborhood plan through housing and economic development in Newark. In partnership with Community Asset Preservation Corporation, LPCCD will leverage green building best practices to phase in the development of a multifamily residential structure, transforming two vacant properties into seven rental housing units for existing neighborhood residents. Three homeownership units will also be developed, crafted from shipping containers—one of the first of its kind in New Jersey! Another Valley partner, Rising Tide Capital, will provide training to small businesses, entrepreneurs and microenterprises in support of neighborhood businesses.

Norwescap will further revitalization of the Parnassus neighborhood adjacent to ‘Downtown’ Phillipsburg and located on the Delaware riverfront, through homeownership and small business development. An abandoned property will be redeveloped, 12 low income homeowners will renovate/improve their property, and homeownership will continue to be supported through financial education, credit counseling, matched savings plans and down payment assistance. Local businesses will have access to grants for storefront improvements among other investments to help them grow and thrive. Other quality of life solutions will also be deployed, including the support of several community-wide events/festivals to encourage small business.

Through its NRTC Program funds, New Jersey Community Development Corp. (NJCDC) will rehabilitate the historic First Presbyterian Church transforming it into a Youth Performing Arts Center. Purchased with last year’s NRTC investments, and located in Paterson’s historical greater Spruce Street neighborhood, this rehabilitation of Paterson’s oldest church—built on land donated by Alexander Hamilton’s Society for Useful Manufactures is expected to attract both local residents and out-of-town visitors and spur economic activity throughout the neighborhood’s diverse mix of restaurants, shops and businesses. The resulting state-of-the-art center will provide a gathering space for area residents, schools and community organizations to teach and practice performing arts and host performances for families, children and visitors from the greater Passaic County region. 

The Urban League of Essex County focuses their revitalization efforts on the Fairmount Heights neighborhood in Newark to create a neighborhood of choice and opportunity for all its residents. This year’s plan is to purchase a private parcel located at West Market and Central Avenue to phase in the development of a permanent place for their economic empowerment programs including the expansion of homeownership and financial and employment programs. 
 
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 Lincoln Park Coast Cultural District, Inc and Community Asset Preservation Corporation
Lincoln Park Coast Cultural District, Inc is a non-profit 501C (3) organization with a mission to plan, design and build a comprehensive arts and cultural district in the Lincoln Park/Coast area of the City of Newark, New Jersey. 

Community Asset Preservation Corporation is non-profit organization that acquires vacant and abandoned properties to stabilize and revitalize communities. CAPC partners with local community builders and contractors to rehabilitate and return properties to productive use as quality, affordable housing.

About Norwescap
orwescap is a comprehensive nonprofit organization providing services to over 30,000 individuals annually in Hunterdon, Warren, Morris, Somerset and Sussex County with its corporate office in Phillipsburg, NJ. Norwescap provides its communities with services and strategies in the areas of Education (primarily early childhood education); Employment; Financial Capacity Building; Health & Nutrition; Housing & Energy Services; and, Volunteerism programs and services

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 Urban League of Essex County
The Urban League of Essex County helps African Americans and disadvantaged residents throughout Essex County to achieve social and economic self-sufficiency through relevant programs and services in education, employment, housing and economic development that empower communities and change lives. 

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 $37.5 billion in assets. Valley is committed to giving people and businesses the power to succeed. Valley operates many convenient branch locations across New Jersey, New York, Florida and Alabama, and is committed to providing exceptional 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 www.valley.com or call our Customer Service Center at 800-522-4100