RANCOCAS NEIGHBORHOOD

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!!!

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FOR ADDITIONAL INFORMATION CONTACT:

Kent R. Pipes, The Salt and Light Company at (609) 284-8893

kentrpipes@icloud.com