CAMDEN, N.J.--(BUSINESS WIRE)--New Jersey American Water today announced the awarding of $950,000 in Neighborhood Revitalization Tax Credit (NRTC) funding to Interfaith Neighbors of Asbury Park and The Cooper Health System of Camden. The funding will be used for projects aimed at improving housing and economic development opportunities in both cities.
“For the past decade, New Jersey American Water has seized the opportunity to use the state’s generous NRTC program to provide funding to transformational projects in the communities we serve,” said Cheryl Norton, president of New Jersey American Water. “This year, we are proud to support Interfaith Neighbors in Asbury Park and the Cooper Health System in Camden. The positive impact that these programs can have on the residents of these communities exemplifies our commitment to giving back to the communities in which we serve.”
The Department of Community Affairs’ NRTC program is designed to foster the revitalization of New Jersey neighborhoods. Each year, credits are provided to business entities that invest in the revitalization of low- and moderate-income neighborhoods in eligible cities. Sixty percent of the tax credit funds must be used for activities related to the development of housing and economic development. The remaining balance may be used for complementary activities such as the provision of assistance to small businesses, removing barriers to self-sufficiency, and promoting the integration of mixed-income neighborhoods. NRTC funds are used by neighborhood-based non-profit organizations that have prepared, submitted and received approval from the New Jersey Department of Community Affairs (DCA) for a revitalization plan for the neighborhood it serves. New Jersey American Water’s application to award these grants was approved by the DCA in December 2019.
In Asbury, New Jersey American Water’s funding will support Interfaith Neighbors’ West Side Asbury Park, Project IX. This initiative includes employment training and job placement; programming and youth services; and affordable housing, with a focus on providing home ownership opportunities for Asbury Park’s Westside residents and assisting existing residents in the neighborhood, many of whom are elderly and of limited means.
“The State’s NRTC program makes neighborhood revitalization possible. Support from corporate investors like New Jersey American Water makes it a reality,” said Paul L. McEvily, Executive Director, Interfaith Neighbors, Inc. “On the West Side of Asbury Park, dreams of homeownership for low-to-moderate income families are coming true, seniors are getting the care they need, and young adults can glimpse a brighter future courtesy of New Jersey American Water’s investment in our community.”
In Camden, New Jersey American Water’s grant will help fund Cooper Health System’s Cooper Plaza Housing and Community Improvements project, working with the Camden Special Services District, Cooper’s Ferry Partnership, Camden County Habitat for Humanity and St. Joseph’s Carpenter Society. These activities will focus on reducing the number of vacant properties, improving conditions of occupied homes, reducing the number of properties with maintenance code violations, increasing the number of homes participating in home improvement programs, and improving neighborhood conditions and parks.
“With New Jersey American Water’s generous support, we are continuing to make remarkable strides towards the revitalization of Camden,” said George E. Norcross III, Chairman of the Board of Trustees of the Cooper Health System. “This is a perfect example of all that can come from innovative partnerships, strategic vision and a shared commitment to enacting positive change.”
Since 2010, New Jersey American Water provided approximately $8.2 million in grants to community initiatives in its service areas across the state through the Neighborhood Revitalization Tax Credit program. Approximately $7.1 million of that total has been awarded to Camden initiatives.
About New Jersey American Water
New Jersey American Water, a subsidiary of American Water (NYSE: AWK), is the largest investor-owned water utility in the state, providing high-quality and reliable water and/or wastewater services to approximately 2.8 million people. For more information, visit www.newjerseyamwater.com and follow New Jersey American Water on Twitter and Facebook.
About American Water
With a history dating back to 1886, American Water is the largest and most geographically diverse U.S. publicly traded water and wastewater utility company. The company employs more than 6,800 dedicated professionals who provide regulated and market-based drinking water, wastewater and other related services to 15 million people in 46 states. American Water provides safe, clean, affordable and reliable water services to our customers to make sure we keep their lives flowing. For more information, visit amwater.com and follow American Water on Twitter, Facebook and LinkedIn.