Valley National Bank Invests $225,000 In Neighborhood Revitalization Tax Credit Funds For The Valley Gateway Center In Orange, New Jersey

WAYNE, N.J. - Wednesday, March 15, 2017 - Partnering with HANDS Inc. and building on 2016 NRTC project funding leveraged to acquire the previously blighted site in the City of Orange, this 2017 Neighborhood Revitalization Tax Credit (NRTC) allocation from Valley National Bank will yield a new two story 2,800 sq. ft. building to house a Business Incubator for entrepreneurs launching "creative enterprises."

The Valley Gateway Center‘s park-like setting will serve as a gateway to the Valley Arts District and enrich the City’s public open space while providing affordable space for business start-ups. NRTC funds will also support business skills assistance for entrepreneurs, youth arts program and a variety of neighborhood activities and music programming. All of these initiatives will serve to elevate the vibrancy and level of economic activity throughout Orange. The City is also investing in this area to rehabilitate and reopen the historic Highland Avenue NJ Transit Commuter Rail Station leveraging New Jersey Department of Transportation funds.

"Valley has witnessed the growth of the NRTC, a highly successful public private program. Valley is grateful to be a part of HANDS’ 30 years of high-impact development for long-term sustainable neighborhood change," remarked Bernadette Mueller, Executive Vice President and Senior CRA Officer.

About Hands
Since 1986, HANDS, Inc. has implemented a neighborhood revitalization effort in the neighboring cities of Orange and East Orange, NJ. 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 the NRTC Program and the DCA
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 $23 billion in assets. Its principal subsidiary, Valley National Bank, currently operates over 200 branch locations in northern and central New Jersey, the New York City boroughs of Manhattan, Brooklyn, Queens and Long Island, and Florida. Valley National Bank is one of the largest commercial banks headquartered in New Jersey with Executive Offices in Manhattan and West Palm Beach. Helping communities grow and prosper is the heart of Valley’s corporate citizenship philosophy. For more information about Valley National Bank and its products and services, please visit a convenient branch location, or call our 24/7 Customer Service Team at 800-522-4100.