Neighborhood Revitalization Tax Credit (NRTC) Program Overview
The Neighborhood Revitalization Tax Credit Program (NRTC) is designed to foster the revitalization of New Jersey’s distressed neighborhoods. The Program offers business entities a 100 percent 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.
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’ West Side Neighborhood Revitalization Plan was approved by DCA in September of 2006. The plan includes some 60 potential initiatives to be completed over a ten year period. Interfaith Neighbors’ plan is divided into five overarching goals:
- improved housing conditions;
- economic revitalization;
- improved community and recreational facilities;
- improved public spaces and infrastructure;
- improved social conditions and public safety
Learn More About Our West Side Redevelopment Program: