WANT TO LEARN MORE ABOUT HOW WE ARE BUILDING VIBRANT COMMUNITIES IN PHILLIPSBURG?
Reach out to us to learn more at firstname.lastname@example.org
If your corporation or business pays state taxes in NJ, you can support this important work by purchasing dollar-for-dollar NRTC tax credits. Click here to learn more!
Norwescap has been serving the Phillipsburg community since 1965, investing millions of dollars in community and economic development projects and culminating in owning and operating more than 10 facilities in the town, helping to contribute to the community’s vitality. Our work to support Phillipsburg as a thriving community includes:
- Creating affordable housing
- Supporting small business and entrepreneurship
- Improvements to parks and other public spaces
- Events that attract residents and visitors alike
Our Community Development Efforts
Norwescap invests in properties throughout Phillipsburg to help those in need in our community, including:
- 566 South Main Street – Norwescap purchased and renovated a building that was vacant for over 10 years and sold it below market value to a qualifying low-income single mother of four.
- 770 South Main Street – Norwescap partnered with Habitat for Humanity of Warren County to build a single-family home for a family on the Habitat waiting list.
- 371 South Main Street – Norwescap has purchased this landmark building with plans to renovate it and host a hybrid restaurant and food incubator model as well as provide small business support, financial empowerment, and community development programming.
Norwescap invests in a variety of community activities and events aimed at building strong community engagement and helping to support local businesses. This includes the unique “Pork Roll Palooza,” bringing approximately 5,000 people to Phillipsburg’s South Main Street annually.
Small Business Grants
Norwescap provides small business grants to help improve storefronts and other aspects of local business operations. In recent years, we have provided over $500,000 in direct grants to local businesses negatively impacted by the COVID pandemic.
To help drive homeownership for low- to moderate-income families, Norwescap provides downpayment assistance to qualifying applicants.
Planning for the Future
Norwescap has applied for over $900,000 in NRTC program funds from investors in Phillipsburg. This funding will help us achieve several goals, including:
- Create a Food Business Incubator – Norwescap will begin renovations of 371 South Main Street to serve as the home of a restaurant and food business incubator, as well as host financial empowerment programming, small business support, and our community development team.
- Build New Soccer and Ball Fields – Norwescap is partnering with the Cal Ripken, Sr. Foundation, McWane Ductile, the Town of Phillipsburg, and several other local businesses and donors to install state-of-the-art multi-use fields at Walters Park in the heart of Phillipsburg.
- Develop 140 Sitgreaves Street – Norwescap will build an owner-occupied two-family home on a vacant parcel.
- Promote Community Investments – Norwescap will continue its investments in small business improvement grants and downpayment assistance, as well as local community events like “Pork Roll Palooza.”
As we continue our NRTC-supported work over the next 10 years and beyond, we will be able to facilitate additional financial investments that support housing, economic growth, and community engagement, turning around decades of neglect and disinvestment.
Support Your Community
Norwescap relies heavily on support from the Neighborhood Revitalization Tax Credit Program (NRTC), through the New Jersey Department of Community Affairs (NJ DCA) to do its critical work. This program provides businesses an opportunity to direct their state tax dollars to projects that enrich and enhance our local communities.
Corporations that purchase tax credits can reduce their state corporate tax liability by a dollar for every dollar they spend on NRTC tax credits. The corporation can then choose which of the State-approved projects to invest their tax credits in. The process is simple:
- Select an investment amount between $25,000 to $1,000,000.
- Fill out a simple two-page application.
- Select the project/s that the company wishes to invest in.
Would you like to know how your business can help Norwescap empower individuals and families to move away from the crisis of poverty, and towards a future where they can thrive? Click here to learn more about the NRTC and access the application.