Neighborhood Revitalization Tax Credit Program Overview
The Neighborhood Revitalization Tax Credit (NRTC) Program was created by provisions of the Neighborhood Revitalization State Tax Credit Act, P.L. 2001, c.415 (N.J.S.A.52:27D-490 et seq.). The purpose of the Act is to foster neighborhood revitalization through comprehensive strategies driven by residents and other public and private stakeholders within the neighborhood. The NRTC Program, which is administered by the New Jersey Department of Community Affairs, is designed with five (5) specific goals:
❖ To encourage community-based neighborhood planning;
❖ To provide flexible resources for community-based organizations to carry out strategies established in neighborhood plans;
❖ To build the capacity of local and community-based organizations to carry out neighborhood revitalization activities;
❖ To attract private investment into New Jersey’s low- and moderate-income neighborhoods; and
❖ To foster ongoing partnerships between private corporations and community-based organizations.
The overarching goal of the NRTC program is to develop a holistic plan for a neighborhood that when implemented, presents the goals developed through a community planning process, outcomes that can be achieved within a 10-year period and result in the ability to submit project pre-applications for NRTC funding. NRTC funding is made available by businesses that desire to play a key role in the revitalization of a neighborhood. Financial contributions are made to community development efforts of participating 501(c) (3) organizations. In return, businesses receive an 80 percent State tax credit against business-related income. Any business or individual authorized to operate a business in the state that pays taxes on business-related income is eligible for the credit and may contribute between $25,000 and $1 million per year to a neighborhood project. Funds are used for a variety of neighborhood projects including affordable housing, economic development, workforce development, open space, social services, business assistance and other activities that promote neighborhood revitalization.
Several community and focus group meetings will be held over the next 6 months. The focus groups will assist in developing neighborhood development strategies in six (6) focus areas: 1) Residential and Community Development, 2) Economic Development, 3) Education and Training, 4) Health and Wellness, 5) Quality of Life, and 6) Open Space and Recreation.
Business owners and operators, community organizations and resident participation are needed, so we invite you to be a part of the Rancocas Neighborhood Revitalization Tax Credit planning process!!!
FOR ADDITIONAL INFORMATION CONTACT:
Kent R. Pipes, The Salt and Light Company at (609) 284-8893
The Neighborhood Revitalization Tax Credit Program (NRTC) is designed to foster the revitalization of New Jersey's distressed neighborhoods. NRTC offers business entities an 80 percent tax credit against various New Jersey state taxes. Credits are provided to business entities that invest in the revitalization of low- and moderate-income neighborhoods in eligible cities. Sixty percent of the tax credit funds must be used for activities related to the development of housing and economic development. The remaining balance may be used for complementary activities such as the provision of assistance to small businesses, removing barriers to self-sufficiency, and promoting the integration of mixed-income neighborhoods. A total of $15 million per year is available in tax credits.
NRTC funds are used by neighborhood-based non-profit organizations that have prepared, submitted and received approval from the Department for a revitalization plan for the neighborhood it serves. The funds must be used by the eligible organizations for projects and activities that will implement the goals and strategies of the approved neighborhood plan. The maximum amount per application is $985,000.
Neighborhood Plan Application Guidelines [MS Word 100kB]
Webinar, March 2020 [mp4]
Neighborhood Trends Database [xlsb 18.9 MB]
Guidelines for Planning Grants RFP - FY2020 [pdf 210kB]
Qualified Projects Pool (FY 2020)
Main Page [Word]
NRTC Information for Investors:
Guide Document for Tax Credits for Business Entities [pdf 98kB]
Summary for Investors [pdf 116kB]
NRTC Project Application Cycle, SFY 2020:
Notice, August 2019 [pdf 241 kB]
Project Application Webinar, August 2019 [pdf 82.2 mB]
Checklist of Required Documents (Uploads) [pdf 118kB]
Spreadsheet for Rental housing construction project [xls 318kB]
Spreadsheet for Homeownership housing construction project [xls 218kB]
SAGE Budget Categories [pdf 118kB]
Clearinghouse of NRTC Plans, Projects and Business Entities:
Clearinghouse Document [pdf 118kB]
NRTC Guides, Instructions, Information:
Summary for Community Organizations [pdf 265kB]
Eligible Project Activities and Criteria for Qualifying Projects [MS Word]
NRTC Program Regulations:
Program Rules as of August 18, 2014 [pdf 102kB]
Rule Change August 2014 [pdf 144kB]
Change to NRTC Program Law, August 2009 [pdf 16kB]
Explanation for August 2009 NRTC Change [pdf 54kB]
NRTC Eligible Municipalities:
List of Neighborhood Revitalization Tax Credit Eligible Municipalities - Current as of 10/01/19 - [pdf 134kB]
Additional Funding Opportunities:
The Wells Fargo Regional Foundation
Resources for the implementation of resident-driven neighborhood plans:
Goals of the Rancocas Neighborhood Revitalization Tax Credit (NRTC) project
Broadly speaking the goals of the Rancocas NRTC are to help the residents and business owners/operators within the boundaries of the defined neighborhood as well as those who have interest in and involvement in the neighborhood bring financial resources to invest in both the physical and human assets of the neighborhood over a 10-yr. period. Developed through a broadly inclusive process we plan to work with the community to develop a Plan that is truly “of, by and for the people”. Supporting the community as it works together to improve its desirability and vitality, we believe many will choose to live, work and play in this revitalized area of Mt. Holly, making it a community of choice and a place people will find exciting and vibrant resulting in a community that exhibits a greater quality of life for a diverse population.
This can be identified in segments as:
1. Upgrading the residential units both exteriors and interiors
2. Renewing vacant stores and other commercial buildings by improving the structures and gaining new business occupants with vital services and products desired by the community.
3. Improving the services that help make the neighborhood a more complete community, including improving it such that it becomes a diverse and walkable business district.
4. Identifying the services that people need and helping to bring the service providers to the neighborhood, such as day care, food market, etc.
5. Improving the community assets including play areas for children, lighting and safety features like cameras, etc.
The NRTC program statewide has $15 million available annually. By developing a well thought through Plan that is both feasible and achievable we believe that multiple millions of dollars can be invested in improving the neighborhood over the next 10 years.