CAMDEN, NJ– Nearly $1 million in Neighborhood Revitalization Tax Credit (NRTC) funds will approach programs run by The Cooper Health System of Camden and Interfaith Neighbors of Asbury Park, New Jersey American announced Monday.
The NRTC funds were authorized by the New Jersey Department of Community Affairs (DCA) in December 2019.
For Camden city, funding from the award – dedicated towards housing and total economic advancement of low- and moderate-income areas – will assist Cooper's Cooper Plaza Housing and Community Improvements job, which partners with the Camden Special Services District, Cooper's Ferry Partnership, Camden County Habitat for Humanity and St. Joseph's Carpenter Society.
American Water says the previously mentioned groups drive to reduce the amount of uninhabited and blighted homes in the city, fix up occupied homes, lower the amount of houses with code offenses, increase participation in house enhancement programs and better the state of parks and neighborhoods.
“For the past years, New Jersey American Water has taken the chance to utilize the state's generous NRTC program to supply funding to transformational jobs in the communities we serve,” stated Cheryl Norton, president of New Jersey American Water. “This year, we are happy to support Interfaith Neighbors in Asbury Park and the Cooper Health System in Camden. The positive effect that these programs can have on the homeowners of these neighborhoods exhibits our dedication to returning to the communities in which we serve.”
Per state law, 60% of the tax credit funds have to be used toward housing and financial development – while the remainder must be used for activities that match them like small businesses, increasing mixed-income areas and getting rid of obstacles to self-sufficiency.
“With New Jersey American Water's generous support, we are continuing to make remarkable strides towards the revitalization of Camden,” stated George Norcross, Chairman of the Board of Trustees of the Cooper Health System. “This is an ideal example of all that can originate from ingenious partnerships, tactical vision and a shared dedication to enacting favorable change.”
According to the business, which has its headquarters in Camden, American Water has given roughly $8.2 million in grants to neighborhood programs given that 2010 – $7.1 million particularly in Camden.