Three Camden nonprofit redevelopment groups were awarded $2.4 million in state Neighborhood Revitalization Tax Credit grants to help in the revamping of city neighborhoods.
The Neighborhood Revitalization Tax Credit Program (NRTC) offers New Jersey businesses 100 percent tax credits for various state taxes in return for investing in the revitalization of low-and moderate-income neighborhoods.
Here are the Camden nonprofits that will benefit this year from the program:
- Camden Lutheran Housing, Inc. received $425,031.00
- Parkside Business and Community In Partnership, Inc. received $985,000.00
- Cramer Hill Community Development Corporation received $985,000.00
I haven’t heard back yet from any of these groups on what specifically they plan to use the money. But according to the 5th Legislative District, which represents Camden and announced the award, each group asked for the money to continue developments in their own neighborhoods.
Camden Lutheran’s main work area is North Camden; PBCIP is based in Parkside and does most of its redevelopment work there; and Cramer Hill CDC does redevelopment work in Cramer Hill (though they have recently ventured into Cooper Plaza.)
The grants are used for affordable housing, economic development, workforce development, social services and open space.
Each approved project may qualify for up to $1 million in NRTC funding, according to the state Department of Community Affairs, which administers the program.