SNJ Today – WEST DEPTFORD, N.J. – The 3rd Legislative District has been awarded a $353,000 grant from the Neighborhood Revitalization Tax Credit Project fund for the “Stand Up For Salem” program in Salem. The state funding will support economic revitalization for the Center of Salem in the city.
“These tax credits will be used to revitalize [low-income] and moderate-income residents in the community,” said New Jersey General Assembly Deputy Speaker John J. Burzichelli. “They will support the development of housing, economic growth, and small businesses. The grant will be put to work in ways that will provide immediate and long-term benefits.”
Stand Up for Salem is a volunteer-based, non-profit organization founded in 1988 by a group of residents dedicated to the revitalization of the center of Salem. Its mission is to stimulate business opportunity, historic preservation, and community growth through grassroots community development.
“We are always looking for ways to boost the economy at the local level,” said Assemblyman Adam Taliaferro. “This is good for the community, its businesses and all the people who live and work here. The Stand Up For Salem program is having a real positive impact for the city.”
The Neighborhood Revitalization Tax Credit Program provides business entities a 100 percent tax credit for funds provided to nonprofit entities carrying out comprehensive revitalization plans. The Nonprofit entities must use at least 60 percent of the tax credit funds for housing and economic development. The rest of the funds may be used for activities that revitalize neighborhoods or support services.
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.
“This grant will be used to apply tax credits that will help the economic revitalization of the Center of Salem,” said Senate President Stephen Sweeney. “This is an investment in the community that will help Salem generate economic activity that will benefit the city and its residents.”