Funds Awarded By State’s Neighborhood Revitalization Tax Credit score Program
CAMDEN, N.J.–(BUSINESS WIRE)–New Jersey American Water (NYSE:) at this time introduced the distribution of $950,000 in Neighborhood Revitalization Tax Credit score (NRTC) funding to 2 native New Jersey nonprofit organizations: Camden Lutheran Housing Inc. and Stand Up for Salem, which had been introduced in coordination with the N.J. Division of Group Affairs (DCA). These grants might be used to fund reasonably priced housing improvement and upkeep; neighborhood outreach initiatives and organizing help; historic preservation; and enterprise improvement and profession trades coaching.
New Jersey American Water’s 2024 NRTC funding, totaling $950,000, will help 10 tasks throughout these two nonprofit organizations, in collaboration with quite a few native companions, as follows:
- $247,000 to Camden Lutheran Housing Inc. (CLHI): CLHI companions with and helps North Camden residents by way of varied neighborhood restoration and enchancment initiatives. This grant will assist help the neighborhood improvement work outlined in North Camden residents’ neighborhood plan. Group tasks will give attention to creating and sustaining reasonably priced homeownership housing for residents, supporting neighborhood engagement by way of occasions and initiatives, putting in ornamental board ups at deserted properties to beautify North Camden, and restoring the 290-year-old historic Benjamin Cooper Home and reworking it right into a museum for neighborhood use.
- $702,500 to Stand Up for Salem: Stand Up for Salem helps community-driven neighborhood planning and revitalization within the Middle of Salem neighborhood of Salem Metropolis. This grant will fund a wide range of native tasks to revitalize Middle of Salem and assist the neighborhood attain its full potential. These tasks embrace preliminary coaching and workforce improvement periods on the new Profession Trades Coaching Middle, a enterprise incubator for native entrepreneurs and small companies, a house restore help program for low-and moderate-income householders, and area people organizing and engagement efforts.
At our core, we’re devoted to delivering extra than simply water providers, mentioned Mark McDonough, President, New Jersey American Water. Our mission extends to nurturing the very material of the communities we serve by way of strategic investments in applications, organizations, and initiatives that create tangible advantages for residents. We’re proud to proceed our legacy of giving again and we help the important neighborhood improvement and revitalization work that Camden Lutheran Housing Inc. and Stand Up for Salem are doing domestically.
This NRTC grant delivers the help we have to flip residents’ imaginative and prescient for a stronger, extra vibrant North Camden right into a actuality, mentioned Brandi Johnson, Govt Director, Camden Lutheran Housing Inc. New Jersey American Water’s partnership will assist us advance tasks that can enhance the neighborhood, together with increasing reasonably priced housing for residents who at present spend greater than 30% of their revenue on housing and ongoing house upkeep and repairs.
We’re so grateful that New Jersey American Water shares our imaginative and prescient of a thriving, revitalized Middle of Salem, mentioned Betsy McBride, Govt Director, Stand Up For Salem. This grant helps a variety of neighborhood applications and tasks designed to handle present socioeconomic and housing challenges and create extra alternatives for Salem residents by way of workforce coaching, a small enterprise incubation program, and efforts to protect and preserve the neighborhood’s housing inventory by way of proactive repairs.
Since 2010, New Jersey American Water has supplied roughly $12 million in grants to neighborhood initiatives in its service areas by way of the Neighborhood Revitalization Tax Credit score program. Roughly $10.1 million of that complete has been awarded to Camden initiatives.
New Jersey American Water has been the water service supplier for the Cramer Hill and jap elements of the Metropolis of Camden for greater than 130 years and can quickly be the water and sewer service supplier for the Metropolis of Salem, having received a poll referendum in November 2023 to buy town’s programs. The corporate is working towards a seamless transition and expects to shut the transaction mid-2024, following approval from the New Jersey Board of Public Utilities.
The NRTC Program, which is run by DCA’s Division of Housing and Group Sources, is designed to spur the renewal of distressed neighborhoods by way of methods developed by residents and the community-based nonprofit organizations that help them. These native organizations put together, submit, and obtain approval from DCA for multi-year revitalization plans for the neighborhoods they serve. The accepted tasks are listed in a certified tasks pool from which firms request those they want to help. New Jersey American Water’s utility to award grants to those organizations by way of the NRTC program was accepted by the DCA in December 2023.
Along with New Jersey American Water being the water providers supplier for Cramer Hill and East Camden, American Water Contract Companies has been the contract operator for Camden’s water and wastewater system since 2016. To study extra about American Water’s ongoing partnership with the Camden neighborhood, view the Annual Camden Group Funding Report right here.
About American Water
American Water (NYSE: AWK) is the biggest regulated water and wastewater utility firm in the USA. With a historical past courting again to 1886, We Preserve Life Flowing ® by offering protected, clear, dependable and reasonably priced consuming water and wastewater providers to greater than 14 million folks with regulated operations in 14 states and on 18 navy installations. American Water’s 6,500 proficient professionals leverage their vital experience and the corporate’s nationwide dimension and scale to realize glorious outcomes for the good thing about clients, workers, buyers and different stakeholders.
For extra data, go to amwater.com and be part of American Water on LinkedIn, Fb (NASDAQ:), X and Instagram.
About New Jersey American Water
New Jersey American Water, a subsidiary of American Water, is the biggest regulated water utility within the state, offering high-quality and dependable water and/or wastewater providers to roughly 2.9 million folks. For extra data, go to www.newjerseyamwater.com and comply with New Jersey American Water on LinkedIn, Fb, X, and Instagram.
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Media Contact:
Denise Venuti Free
Sr. Director of Communications & Exterior Affairs
New Jersey American Water
856-955-4874
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Supply: New Jersey American Water