Watering the Roots of Our Community
Neighborhood Revitalization Tax Credit [NRTC] Program
The Neighborhood Revitalization Tax Credit [NRTC] Program is designed to foster the revitalization of New Jersey’s distressed neighborhoods. The program offers business entities an 100% tax credit against New Jersey state business tax obligations. Credits are provided to business entities that invest in the revitalization of low and moderate income neighborhoods through a community based non-profit agency that has a NJ Department of Community Affairs (DCA)- approved neighborhood revitalization plan, such as Interfaith Neighbors [IFN].
A total of $10 million per year is available in tax credits statewide, which is expected to leverage more than $100 million in total grants, loans and equity investments in those neighborhoods.
Interfaith Neighbors’ West Side Asbury Park Neighborhood Plan
Interfaith Neighbors’ Westside Neighborhood Revitalization Plan was approved by DCA in September 2006. The plan includes 60 potential initiatives to be completed over a ten year period.
IFN Westside Neighborhood Revitalization Plan’s Five Goals:
- Improved Housing Conditions
- Economic Revitalization
- Improved Community and Recreational Facilities
- Improved Public Spaces and Infrastructure
- Improved Social Conditions and Public Safety
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