The Neighborhood Revitalization Tax Credit Program (NRTC) provides business entities an 80 percent tax credit for funds provided to nonprofit entities carrying out comprehensive revitalization plans. Nonprofit entities must use at least 60% of the tax credit funds for housing and economic development; the remaining funds may be used for supportive services and other activities that promote neighborhood revitalization.
NRTC funds are used by neighborhood-based non-profit organizations that have prepared, submitted and received approval from the Department for a revitalization plan for the neighborhood it serves. The funds must be used by the eligible organizations for projects and activities that will implement the goals and strategies of the approved neighborhood plan. The maximum amount per application is $985,000.
A copy of the draft 2020-2030 Neighborhood Revitalization Plan below is available for public comment during a 30-day period starting March 18, 2020 through to April 17, 2020. Comments must be written and sent to Heather Santoro via email at email@example.com or mail to: Holly City Development Corporation, 14 E. Mulberry Street, Millville, NJ 08332. Questions may also be directed to (856) 776-7979.