Provident Bank Announces $950,000 in NRTC Funding Awards to Ten New Jersey Non-Profit Organizations

Rhea-AI Summary

Provident Bank has announced $950,000 in Neighborhood Revitalization Tax Credit (NRTC) Program funding awards to ten New Jersey non-profit organizations for fiscal year 2025. The funding will support neighborhood revitalization plans across various communities.

The awards include:

• $150,000 each to Isles Inc. (Trenton), Jewish Renaissance Foundation (Perth Amboy), and Paterson Habitat for Humanity
• $100,000 each to Clinton Hill Community Action (Newark), NJ Community Development (Paterson), and Perth Amboy Redevelopment Team
• $50,000 each to Greater Bergen Community Action, HANDS Inc., and two NORWESCAP projects

The NRTC Program, administered by the NJ Department of Community Affairs, aims to revitalize at-risk neighborhoods through community-developed strategies. Participating corporations receive 100% tax credits against NJ state taxes for their contributions.

Positive

• 100% tax credit benefit for corporate contributions enhances appeal for future funding
• Strategic community investment strengthens bank's market presence in key NJ territories

Negative

• None.

Funds will be used to support revitalization plans for distressed neighborhoods

ISELIN, N.J., March 25, 2025 (GLOBE NEWSWIRE) -- Provident Bank, a leading New Jersey-based financial institution, announced today that the bank has awarded $950,000 in funding to ten non-profit organizations as part of the New Jersey Department of Community Affairs, Neighborhood Revitalization Tax Credit (NRTC) Program for fiscal year 2025. The nonprofit organizations will use the funding to implement revitalization plans that address housing and economic development, provide opportunities for entrepreneurs to start businesses and job training for local residents, as well as complementary activities such as social services, recreational activities, and open space improvements. The New Jersey Department of Community Affairs (DCA) served as the intermediary agency between the non-profit organizations and Provident Bank.

NRTC program funding from Provident Bank has been awarded by the New Jersey Department of Community Affairs to the following non-profit organizations:

• Clinton Hill Community Action - $100,000 for the revitalization of the Upper Clinton Hill neighborhood in Newark.
• Greater Bergen Community Action - $50,000 for improvements to the River to Rail neighborhood district in Garfield.
• HANDS, Inc. - $50,000 for advancements to the city of Orange and surrounding neighborhoods.
• Isles, Inc. - $150,000 for youth development, community revitalization, wealth innovation and the promotion of healthy living (energy efficiency, open space improvements, and access to locally grown food) for residents of downtown Trenton and east Trenton.
• Jewish Renaissance Foundation - $150,000 for the Perth Amboy Alliance for Community 2025.
• New Jersey Community Development Corporation - $100,000 for the improvement of the Great Falls/Spruce Street neighborhood of Paterson.
• NORWESCAP South Main Street - $50,000 for the revitalization of the South Main Street neighborhood in downtown Phillipsburg.
• NORWESCAP Sussex Borough - $50,000 for the revitalization of downtown Sussex Borough.
• Paterson Habitat for Humanity - $150,000 for Eastside Homes, Youth Development & Green Spaces for Everyone in the Northside neighborhood of Paterson.
• Perth Amboy Redevelopment Team for Neighborhood Enterprise and Revitalization- $100,000 for community improvements, housing services and economic opportunities for residents of the Gateway neighborhood of Perth Amboy.

“Provident Bank is proud to support these impactful non-profit organizations through the NRTC program,” said Mary Brown, Senior Vice President, Chief Compliance Officer. “Our investment in this initiative plays a vital role in helping these organizations fulfill their missions and revitalize their communities, aligning with our ongoing commitment to supporting the neighborhoods we serve,” added Brown.

The NRTC Program, which is administered by DCA’s Division of Housing and Community Resources, is designed to jumpstart the renewal of neighborhoods at risk of experiencing a downturn. It accomplishes this through strategies developed by local residents and community-based nonprofit organizations that assist them, as well as through financial contributions from corporations.

The community organizations prepare, submit, and receive approval from DCA for multi-year revitalization plans for the neighborhoods they serve. The corporations contribute funding to the NRTC Program and in return receive a 100 percent tax credit against various New Jersey state taxes. Every year, projects from the approved revitalization plans are listed in a qualified projects pool from which corporations choose the ones they want to financially support.

The NRTC funds must be used by the nonprofit organizations for projects and activities that will implement the goals of the approved neighborhood plans.

About Provident Bank

Founded in Jersey City in 1839, Provident Bank is the oldest community-focused financial institution based in New Jersey and is the wholly owned subsidiary of Provident Financial Services, Inc. (NYSE:PFS). With assets of $24.05 billion as of December 31, 2024, Provident Bank offers a wide range of customized financial solutions for businesses and consumers with an exceptional customer experience delivered through its convenient network of 140 branches across New Jersey and parts of New York and Pennsylvania, via mobile and online banking, and from its customer contact center. The bank also provides fiduciary and wealth management services through its wholly owned subsidiary, Beacon Trust Company, and insurance services through its wholly owned subsidiary, Provident Protection Plus, Inc. To learn more about Provident Bank, go to www.provident.bank or call our customer contact center at 800.448.7768.

Media Contact:
Provident Bank
Keith Buscio – keith.buscio@provident.bank
Vested – providentbank@fullyvested.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/cf2971dc-7379-432f-a17d-0b4f47ae36f8

FAQ

How much NRTC funding did Provident Bank (PFS) award to New Jersey non-profits in 2025?

Provident Bank awarded $950,000 in NRTC funding to ten New Jersey non-profit organizations in fiscal year 2025.

Which organizations received the largest NRTC grants from Provident Bank (PFS)?

Isles Inc., Jewish Renaissance Foundation, and Paterson Habitat for Humanity each received the largest grants of $150,000.

What tax benefits do corporations receive for NRTC Program contributions through Provident Bank (PFS)?

Corporations receive 100% tax credits against New Jersey state taxes for their NRTC Program contributions.

How will the Provident Bank (PFS) NRTC funding be used in New Jersey communities?

The funding will support housing development, economic opportunities, job training, social services, recreational activities, and open space improvements in distressed neighborhoods.