Provident Bank Announces $475,000 in NRTC Funding Awards to Five New Jersey Non-Profit Organizations

Rhea-AI Summary

Provident Bank has announced a funding commitment of $475,000 to five non-profit organizations through the New Jersey Department of Community Affairs' Neighborhood Revitalization Tax Credit (NRTC) Program for fiscal year 2022. The funding aims to support revitalization efforts in distressed neighborhoods, focusing on housing, economic development, entrepreneurship, job training, and social services. Notable recipients include Garden State Community Development Corporation and Jewish Renaissance Foundation. This investment aligns with Provident Bank's commitment to community development.

Positive

• Provident Bank allocated $475,000 in funding to support five non-profit organizations.
• Funding targets housing, economic development, and job training in distressed neighborhoods.
• Investment aligns with Provident Bank's commitment to community revitalization.

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• None.

Funds will be used to support revitalization plans for distressed neighborhoods

ISELIN, N.J., July 12, 2022 (GLOBE NEWSWIRE) -- Provident Bank, a leading New Jersey-based financial institution announced today the Bank has awarded $475,000 in funding to five non-profit organizations as part of the New Jersey Department of Community Affairs, Neighborhood Revitalization Tax Credit (NRTC) Program for fiscal year 2022. The nonprofit organizations will use the funding to implement revitalization plans that address housing and economic development, provide opportunities for entrepreneurs to start businesses and job training for local residents, as well as complementary activities such as social services, recreation activities, and open space improvements. The New Jersey Department of Community Affairs (the “Department”) served as the intermediary agency between the non-profit organizations and Provident Bank.

NRTC program funding from Provident Bank has been awarded by the Department to the following non-profit organizations:

• Garden State Community Development Corporation, Jersey City, N.J. - $100,000 for the I Love Greenville Community Plan 2022.
• Jewish Renaissance Foundation, Edison, N.J. - $75,000 for the Perth Amboy Alliance for Community 2022.
• Lincoln Park Coast Cultural District, Newark, N.J. - $100,000 for Lincoln Park 2022.
• New Brunswick Tomorrow, New Brunswick, N.J. - $100,000 for the Esperanza Neighborhood Collaborative 2022.
• Paterson Habitat for Humanity, Paterson, N.J. - $100,000 for Northside Homes & Green Spaces for Everyone.
  

“Provident Bank is proud to support these worthy non-profit organizations through the NRTC program,” said Joseph Spatola, Senior Vice President, Chief Compliance and CRA Officer. “Our investment in this program is essential to these organizations’ efforts to advance their missions and revitalize their respective neighborhoods, and is consistent with our commitment to helping the communities we serve,” added Spatola.

The NRTC Program, which is administered by DCA’s Division of Housing and Community Resources, is designed to spur the renewal of neighborhoods at risk of experiencing a downturn. It accomplishes this through strategies developed by local residents and community-based nonprofit organizations that assist them, as well as through financial contributions from corporations.

The community organizations prepare, submit, and receive approval from DCA for multi-year revitalization plans for the neighborhoods they serve. The corporations contribute funding to the NRTC Program and in return receive a 100 percent tax credit against various New Jersey state taxes. Every year, projects from the approved revitalization plans are listed in a qualified projects pool from which corporations choose the ones they want to financially support.

The NRTC funds must be used by the nonprofit organizations for projects and activities that will implement the goals of the approved neighborhood plans.

About Provident Bank
Provident Bank, a community-oriented financial institution offering “Commitment you can count on” since 1839, is the wholly owned subsidiary of Provident Financial Services, Inc. (NYSE:PFS), which reported assets of $13.62 billion as of March 31, 2022. With $11.37 billion in deposits, Provident Bank provides a comprehensive suite of financial products and services through its network of branches throughout northern and central New Jersey, as well as Bucks, Lehigh and Northampton counties in Pennsylvania and Nassau and Queens counties in New York. The Bank also provides fiduciary and wealth management services through its wholly owned subsidiary, Beacon Trust Company and insurance services through its wholly owned subsidiary, Provident Protection Plus, Inc. For more information about Provident Bank, visit www.provident.bank or join the conversations on Facebook (ProvidentBank) and Twitter (@ProvidentBank).

CONTACT:
Keith Buscio
732-504-9407
Keith.buscio@provident.bank

FAQ

What is the funding amount awarded by Provident Bank in July 2022?

Provident Bank awarded $475,000 in funding to five non-profit organizations.

Which organizations received funding from Provident Bank's NRTC Program in 2022?

The recipients include Garden State Community Development Corporation, Jewish Renaissance Foundation, Lincoln Park Coast Cultural District, New Brunswick Tomorrow, and Paterson Habitat for Humanity.

What is the purpose of the NRTC Program supported by Provident Bank?

The NRTC Program aims to revitalize distressed neighborhoods by funding local non-profit revitalization projects.

How does the NRTC Program benefit corporations like Provident Bank?

Corporations receive a 100% tax credit against various New Jersey state taxes for their contributions to the NRTC Program.