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

Rhea-AI Summary

Provident Bank has allocated $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 2021. These funds will be directed towards housing, economic development, and job training initiatives aimed at revitalizing distressed neighborhoods. Notable recipients include Garden State Episcopal Community Development Corporation ($100,000) and Paterson Habitat for Humanity ($100,000). This program is designed to support community-driven revitalization efforts through approved multi-year plans.

Positive

• Allocation of $475,000 to support community revitalization efforts.
• Funding directed towards housing, economic development, and job training.
• Approved projects focus on community-based strategies for neighborhood renewal.

Negative

• None.

Funds will be used to support revitalization plans for distressed neighborhoods

ISELIN, NEW JERSEY, June 01, 2021 (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 2021. 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 Episcopal Community Development Corporation, Jersey City, N.J. - $100,000 for the “I Love Greenville Community Plan 2021.”
• Lincoln Park Coast Cultural District, Newark, N.J. - $100,000 for the “Lincoln Park 2021” project.
• New Brunswick Tomorrow, New Brunswick, N.J. - $100,000 for the “Esperanza Neighborhood Collaborative 2021.”
• NORWESCAP, Phillipsburg, N.J. - $75,000 for the “Parnassus 2021” project.
• Paterson Habitat for Humanity, Patterson, N.J. - $100,000 for the “Northside Homes Parks and Microenterprises” program.

“Provident Bank is pleased to support these 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 distressed neighborhoods through strategies developed by residents and the community-based nonprofit organizations that assist them. These local organizations prepare, submit, and receive approval from DCA for multi-year revitalization plans for the neighborhoods they serve. The approved projects are listed in a qualified projects pool from which companies choose the ones they want to financially support. The NRTC funds must be used by the nonprofit groups for projects and activities set forth in the approved neighborhood plans. 

The funds originate from corporations, which receive a 100 percent tax credit against various New Jersey state taxes for the amount of funds contributed to the NRTC Program.

###

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 $13.13 billion as of March 31, 2021. With $10.30 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 Queens County 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, SB One Insurance Agency, Inc. For more information about Provident Bank, visit www.provident.bank or join the conversations on Facebook (ProvidentBank) and Twitter (@ProvidentBank). 

 

FAQ

What is the purpose of the Neighborhood Revitalization Tax Credit Program?

The NRTC Program aims to renew distressed neighborhoods through community-driven strategies and support from nonprofit organizations.

How much funding did Provident Bank award in 2021?

Provident Bank awarded $475,000 to five nonprofit organizations for revitalization efforts.

Which organizations received funding from Provident Bank in 2021?

Organizations include Garden State Episcopal Community Development Corporation, Lincoln Park Coast Cultural District, New Brunswick Tomorrow, NORWESCAP, and Paterson Habitat for Humanity.

What are the goals of the funded projects?

The funded projects aim to address housing and economic development, provide entrepreneurial opportunities, and offer job training.

How does the NRTC program benefit corporations?

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