Provident Bank Announces $475,000 in NRTC Funding Awards to Five New Jersey Non-Profit Organizations
July 12 2022 - 8:00AM
Provident Bank, a leading New Jersey-based financial institution
announced today the Bank has awarded $475,000 in funding to five
non-profit organizations as part of the New Jersey Department of
Community Affairs, Neighborhood Revitalization Tax Credit (NRTC)
Program for fiscal year 2022. The nonprofit organizations will use
the funding to implement revitalization plans that address housing
and economic development, provide opportunities for entrepreneurs
to start businesses and job training for local residents, as well
as complementary activities such as social services, recreation
activities, and open space improvements. The New Jersey Department
of Community Affairs (the “Department”) served as the intermediary
agency between the non-profit organizations and Provident Bank.
NRTC program funding from Provident Bank has been awarded by the
Department to the following non-profit organizations:
- Garden State Community Development
Corporation, Jersey City, N.J. - $100,000 for the I Love
Greenville Community Plan 2022.
- Jewish Renaissance Foundation, Edison, N.J. -
$75,000 for the Perth Amboy Alliance for Community 2022.
- Lincoln Park Coast Cultural District, Newark,
N.J. - $100,000 for Lincoln Park 2022.
- New Brunswick Tomorrow, New Brunswick, N.J. -
$100,000 for the Esperanza Neighborhood Collaborative 2022.
- Paterson Habitat for Humanity, Paterson, N.J.
- $100,000 for Northside Homes & Green Spaces for
Everyone.
“Provident Bank is proud to support these worthy non-profit
organizations through the NRTC program,” said Joseph Spatola,
Senior Vice President, Chief Compliance and CRA Officer. “Our
investment in this program is essential to these organizations’
efforts to advance their missions and revitalize their respective
neighborhoods, and is consistent with our commitment to helping the
communities we serve,” added Spatola.
The NRTC Program, which is administered by DCA’s Division of
Housing and Community Resources, is designed to spur the renewal of
neighborhoods at risk of experiencing a downturn. It accomplishes
this through strategies developed by local residents and
community-based nonprofit organizations that assist them, as well
as through financial contributions from corporations.
The community organizations prepare, submit, and
receive approval from DCA for multi-year revitalization plans for
the neighborhoods they serve. The corporations contribute funding
to the NRTC Program and in return receive a 100 percent tax credit
against various New Jersey state taxes. Every year, projects from
the approved revitalization plans are listed in a qualified
projects pool from which corporations choose the ones they want to
financially support.
The NRTC funds must be used by the nonprofit
organizations for projects and activities that will implement the
goals of the approved neighborhood plans.
About Provident BankProvident Bank, a
community-oriented financial institution offering “Commitment you
can count on” since 1839, is the wholly owned subsidiary of
Provident Financial Services, Inc. (NYSE:PFS), which reported
assets of $13.62 billion as of March 31, 2022. With $11.37 billion
in deposits, Provident Bank provides a comprehensive suite of
financial products and services through its network of branches
throughout northern and central New Jersey, as well as Bucks,
Lehigh and Northampton counties in Pennsylvania and Nassau and
Queens counties in New York. The Bank also provides fiduciary and
wealth management services through its wholly owned subsidiary,
Beacon Trust Company and insurance services through its wholly
owned subsidiary, Provident Protection Plus, Inc. For more
information about Provident Bank, visit www.provident.bank or join
the conversations on Facebook (ProvidentBank) and Twitter
(@ProvidentBank).
CONTACT: Keith
Buscio732-504-9407Keith.buscio@provident.bank
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