The neighborhood revitalization tax credit (nrtc) program is now open for investment!
Is your company interested in leveraging your NJ State tax dollars to support community-based projects?
Learn how you can purchase dollar-for-dollar tax credits though the NRTC program!
Invest in our Neighborhoods
Norwescap’s Community Development team works to build vibrant communities where everyone has the opportunity to thrive. Based on the Community Development Corporation (CDC) model, we focus on revitalizing neighborhoods in Norwescap’s service area with an emphasis on low-income, underserved neighborhoods that have experienced significant disinvestment.
Through initiatives including the Neighborhood Revitalization Tax Credit Program (NRTC) and the Neighborhood Preservation Program (NPP), Norwescap has leveraged over $2 million to date in funding to enhance quality of live in the Phillipsburg community. We are now expanding our work to include Sussex Borough as well.
Neighborhood Revitalization Tax Credit (NRTC) Program
The Neighborhood Revitalization Tax Credit Program (NRTC), through New Jersey Department of Community Affairs, is now open for investment! This state program offers a powerful opportunity for businesses to reduce NJ tax liabilities on a dollar-for-dollar basis, while investing in projects that enrich and enhance our local communities. Any business with $25,000 or more in state tax liabilities can participate! Norwescap has NRTC projects for investment in Phillipsburg and in Sussex Borough – click the thumbnails below to learn more, and visit DCA’s NRTC website to fill out the application today! Contact our CEO Mark Valli at email@example.com or (908) 454-7000 x1111 with any questions.
Since 2009, Norwescap has leveraged NRTC funding directed by our corporate partners to rehabilitate and repair neighborhood homes; promote homeownership; grow local businesses; and make quality-of-life improvements in downtown Phillipsburg. In 2023, we expanded our work to Sussex Borough, supporting community and local business improvements, affordable housing, and programs at Norwescap’s Sussex Borough Community & Cultural Center.
Learn more about our work in:
Does your business pay taxes in New Jersey? This program provides a terrific opportunity for corporations and businesses to support projects that enrich and enhance our local communities AND offset their state tax liabilities through the purchase of tax credits. Through the NRTC program, companies (including LLC’s, S-Corps, and Partnerships) that have a tax liability in New Jersey of $25,000 or more can purchase dollar-for-dollar tax credits up to $1,000,000, and direct those credits to invest in State-approved community development projects led by Norwescap and other NJ nonprofits.
Neighborhood Preservation Program (NPP)
In December 2019, Norwescap entered into a Shared Services Agreement with the Town of Phillipsburg to administer the Neighborhood Preservation Program (NPP) funded through New Jersey Department of Community Affairs NJ DCA Neighborhood Preservation Program. Phillipsburg is the acting fiscal agent and final decision maker of the NPP plan while Norwescap provides the services to implement the NPP strategic plan.
The NPP directly serves neighborhoods that are beginning to decline but can be rehabilitated and restored by cultivating existing social, economic, financial, and technical resources toward the development and implementation of planned activities that sustain neighborhood vitality. An NPP plan was developed using an overall comprehensive cooperative approach that includes all sectors of the community to encourage and promote the social and economic strengthening and development of neighborhoods. This is achieved through the cooperative, concentrated efforts of residents, local lending institutions, businesses, municipal governments and the State of New Jersey. The NPP takes a comprehensive approach to neighborhood development, which affords municipalities flexible and creative options. The South Main St. Phillipsburg NPP plan written for Phillipsburg has been recognized by the New Jersey Department of Consumer Affairs (DCA) as the model NPP plan to be used as a best practice for other municipalities. Strategies focus on leveraging and developing assets to drive activity, improving the look, feel and function of public spaces and to foster a vibrant business district. Four teams, Business Development, Promotions, Design and Event Support implement the NPP Plan.
For more information on the NPP Plan: NJ’s Neighborhood Preservation Program website
To learn more about Norwescap’s Community Development work, contact:
Susan Ludwig, Senior Director, Housing & Community Development
350 Marshall Street, Phillipsburg, NJ 08865
(908) 454-7000 x1131
Other Programs that can provide assistance
Sussex Borough Community & Cultural Center
Sussex Borough Community & Cultural Center (SBCCC), located at 37 Main Street in Sussex, provides an innovative array of programs and services to help individuals, families and the community thrive.
As we support individuals and families through our various programs, we also welcome and encourage people to give back to their communities through volunteering in ways that are meaningful to them.
Financial Empowerment Centers
Norwescap’s Financial Empowerment Centers help people develop the financial habits and assets to achieve their dreams.