Donation helps transform derelict property in Paterson to neighborhood center
OAK RIDGE, N.J., March13, 2017 — Lakeland Bank is pleased to announce that its application to participate in the Neighborhood Revitalization Tax Credit Program (NRTC) 2016 Qualified Projects Pool offered through the New Jersey Department of Community Affairs has been accepted, and the Bank will donate $100,000 which will be used to help improve conditions in a Paterson neighborhood.
The NRTC program is designed to foster the revitalization of New Jersey's most distressed neighborhoods, and Lakeland’s $100,000 contribution will help the New Jersey Community Development Corporation (NJCDC) finance the acquisition and renovation of a derelict property in Paterson. The property will be transformed into a neighborhood center to provide educational programs, job training and microenterprise development services to neighborhood residents.
“We are pleased to provide this assistance to NJCDC to support its dedication to creating opportunities to transform lives and neighborhoods within the City of Paterson,” said Thomas J. Shara, president and chief executive officer, Lakeland Bank.
“Throughout the years, Lakeland Bank has been a fervent supporter of NJCDC. The $100,000 they are providing through the NRTC program is just further proof of their dedication as an organization to helping the children and families of Paterson,” said Bob Guarasci, CEO and founder, NJCDC. “These funds will help clean up the condition of our neighborhood by helping NJCDC purchase and rehabilitate an abandoned property. NJCDC will offer S.T.E.A.M (science, technology, engineering, art and mathematics) based education at the newly refurbished property, helping local students gain the skills necessary to become competitive in tomorrow’s job market.”
About Lakeland Bank
Lakeland Bank is the wholly-owned subsidiary of Lakeland Bancorp, Inc. (NASDAQ:LBAI), which has $5.1 billion in total assets. The Bank operates 52 New Jersey branch offices in Bergen, Essex, Morris, Ocean, Passaic, Somerset, Sussex, and Union counties; six New Jersey regional commercial lending centers in Bernardsville, Jackson, Montville, Newton, Teaneck and Waldwick; and two commercial loan production offices serving Middlesex and Monmouth counties in New Jersey and the Hudson Valley region of New York. Lakeland Bank offers an extensive suite of financial products and services for businesses and consumers. Visit LakelandBank.com for more information.
About the Neighborhood Revitalization Tax Credit Program
NRTC is designed to foster the revitalization of New Jersey's distressed neighborhoods. Program 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 organizations for projects and activities that will implement the goals and strategies of the approved neighborhood plan. At least 60% of the funds must be used for housing and/or economic development activities (including development of housing units); the remainder may be used for supportive services and other activities that are complementary to neighborhood revitalization. Program funds originate from companies, which receive a 100 percent tax credit against various N.J. state taxes for the amount of funds contributed (to a maximum of $1 million per year). A total of $10 million per year is available in tax credits.