Valley National Bank Invests $75,000 In Neighborhood Revitalization Tax Credit Funds For The Great Falls Education And Training Center In The City Of Paterson

WAYNE, N.J. - Wednesday, March 15, 2017 - Partnering with the New Jersey Community Development Corporation (NJCDC), Valley National Bank allocated funds to help finance the acquisition and renovation of a neglected property within the Greater Spruce Street neighborhood of Paterson, New Jersey and transform it into the Great Falls Education and Training Center.

Located on a prominent corner, directly adjacent to one of Paterson’s high schools, this neighborhood center will become a place where local youth, aspiring artists and arts-based entrepreneurs can receive job training, professional development and career mentorship and support. 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 City of Paterson has also pledged Community Development Block Grant funding to further leverage Neighborhood Revitalization Tax Credit (NRTC) investments in this project.

"We are excited to partner with NJCDC to enhance the economic vitality of the Great Falls Promise Neighborhood in Paterson by providing families there with the tools and resources they need to thrive," remarked Bernadette Mueller, Executive Vice President and Senior CRA Officer.

"Over the years, Valley National Bank has been a firm supporter of our work in Paterson. Thanks in part to their support through the NRTC program, NJCDC will be able to renovate an abandoned property and turn it into a safe place to offer young people a variety of career-building activities during non-school hours," commented Bob Guarasci, Founder & CEO of the 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 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.