The program offers business entities a 100 percent tax credit against various NJ State taxes for investing in the revitalization of designated neighborhoods. Eligible neighborhood projects can receive up to $1 million annually.

The NRTC program was designed to foster the revitalization of distressed neighborhoods through comprehensive strategies driven by residents and other public and private stakeholders within the neighborhood in order to:

• Encourage community – based neighborhood planning
• Provide flexible resources to build the capacity of community-based organizations to carry out strategies established in neighborhood plans
• Attract private investments into designated neighborhoods
• Foster ongoing partnerships between private corporations and community-based development organizations

The Elizabeth Development Company is the lead entity for two designated NRTC Neighborhoods which are located in Historic Elizabethport and Midtown. The designations are awarded by the NJ DCA after careful evaluation and approval of comprehensive neighborhood revitalization plans.

Elizabethport NRTC Neighborhood:

The Elizabeth Development Company is the lead partner in the ongoing effort to revitalize the City’s historic Elizabethport (E’port) neighborhood. Since 1997, the EDC has assisted in a massive federal, state and local initiative that is successfully rebuilding and enhancing this targeted neighborhood block by block.

In 2004, the Wells Fargo Regional Foundation (formally the Wachovia Regional Foundation), enabled the EDC to take Elizabethport’s re-birth to the next level with an initial $700,000 Neighborhood Development Grant. Through their ongoing generous support, these funds have increased and helped lay the groundwork for integral planning and administration which allowed EDC to launch our NRTC program.

EDC initially focused its efforts in the City’s Elizabethport neighborhood, the oldest and most diverse region of the city. During this time, EDC has actively worked with neighborhood residents, public agencies, and three other neighborhood non-profit partners to develop and implement a comprehensive, award winning, community driven neighborhood revitalization plan.

Historic Midtown Elizabeth NRTC Neighborhood:

This neighborhood was selected because it has historically been defined as a targeted revitalization area with active and engaged neighborhood stakeholders focused on community development.

The planning process for this targeted area culminated in 2009 after many years of community driven input. The plan incorporates Transit Village and Smart Growth planning principals and addresses an array of quality of life issues.

Now, notable firms such as PSE&G, PNC Bank, Chase Bank, TD Bank, Horizon Blue Cross Blue Shield, and NJ Manufacturer Insurance are already benefiting from the NRTC’s impressive 100 percent tax credit. With NRTC commitments totaling more than $3.9 million, these firms are helping make worthwhile investments that are building new community, cultural, and healthcare centers, parks, affordable housing, and jobs. These investments are transforming entire neighborhoods while improving the local economy and quality of lives for our residents.

 For more information about the State DCA NRTC Program:

 http://www.nj.gov/dca/divisions/dhcr/offices/nrtc.html