The Jewish Renaissance Foundation (JRF) has been awarded a $1 million Neighborhood Revitalization Tax Credit (NRTC) grant by the New Jersey Department of Community Affairs, one of 27 NRTC funding awards to nonprofits to support their efforts to revitalize the vulnerable communities they serve.
JRF, an NJBIA member headquartered in Middlesex County, was among 27 nonprofit organizations statewide to collectively receive $21.7 million in NRTC funding for the 2023 calendar year.
The NRTC program is designed to spark the revitalization of neighborhoods vulnerable to decline. It does this through strategic plans developed by residents and community-based nonprofit organizations that assist them, as well as through financial contributions from corporations. Corporations may divert their state tax liability payments of up to $1 million to the NRTC program under this initiative to encourage public-private partnerships and leverage private investment in low- to moderate-income areas.
The funds awarded to JRF will support the Perth Amboy Alliance for Community (PAAC) Neighborhood Plan, a comprehensive strategy aimed at revitalizing and improving the quality of life of the residents in a section of Perth Amboy. The neighborhood is defined as the area enclosed by Washington Street and Inslee Street between Amboy Avenue and the train tracks.
The PAAC Neighborhood Plan was developed with residents, stakeholders, small businesses, and the City of Perth Amboy, and it prioritizes a combination of economic priorities and support services for this neighborhood.
The funds will be utilized to support housing rehabilitation in collaboration with JFR partners from Morris Habitat for Humanity and the Housing Authority of Perth Amboy. In addition, funds will be allocated for job training and certifications, small business support, the PAAC Community Garden, community engagement activities such as “Thursday Night in the Park,” neighborhood cleanups, as well as financial literacy education, the “English for Spanish Learners” program, and after-school programs.
“We are thrilled to receive this NRTC plan from the New Jersey Department of Community Affairs,” said Jaime Rivello, CEO of JRF. “This funding will allow us to continue our work in Perth Amboy and make a meaningful difference in the lives of the people who call this neighborhood home. We are grateful for the support of our incredible partner investors.”
Corporate contributors include Amerigroup NJ, Inc. ($401,350.00); Valley Bank ($150,000), Provident Bank ($75,000), and PNC Bank ($75,000). In addition, the JRF was awarded coronavirus state and local fiscal recovery funds by DCA, for a total award of $1 million.
“This award will enable us to continue empowering individuals and families in Perth Amboy,” said Sherri Goldberg, director of Community and Family Services at the JRF. “The funds will allow us to expand our programs and services and make a lasting impact on the community.”
To read more about all NRTC grants awarded in May go to DCA’s website here. Businesses interested in investing in the NRTC in exchange for a tax credit can learn more here.
