ISELIN, NEW JERSEY (June 1, 2020): Provident Bank, a leading New Jersey-based financial institution announced today the Bank has awarded funding to five organizations as part of the New Jersey Department of Community Affairs, Neighborhood Revitalization Tax Credit (NRTC) Program for fiscal year 2020.
The New Jersey Department of Community Affairs (the “Department”) served as the intermediary agency between the organizations and Provident Bank.
“Provident Bank is pleased to support these valuable organizations through the NRTC program,” said Joseph Spatola, Senior Vice President, Chief Compliance and CRA Officer for Provident Bank. “Their efforts are consistent with our commitment to helping the communities we serve,” added Spatola.
The NRTC program is designed to foster the revitalization of New Jersey's distressed neighborhoods. The program offers business entities an 80 percent tax credit against various New Jersey state taxes. Credits are provided to business entities that invest in the revitalization of low- and moderate-income neighborhoods in eligible cities. Sixty percent of the tax credit funds must be used for activities related to the development of housing and economic development. The remaining balance may be used for complementary activities such as the provision of assistance to small businesses, removing barriers to self-sufficiency, and promoting the integration of mixed-income neighborhoods. A total of $15 million per year is available in tax credits.
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. The maximum amount per application is $985,000.
About Provident Bank
Provident 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 $10.08 billion as of March 31, 2019. With $7.21 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 and eastern Pennsylvania. The Bank also provides fiduciary and wealth management services through its wholly owned subsidiary, Beacon Trust Company. For more information about Provident Bank, visit www.provident.bank or join the conversations on Facebook (ProvidentBank) and Twitter (@ProvidentBank).