$100,000 donation helps transform a derelict property in Paterson into neighborhood center
OAK RIDGE, N.J., March19, 2018 — Lakeland Bank is pleased to announce that its application to participate in the Neighborhood Revitalization Tax Credit Program (NRTC) 2017 Qualified Projects Pool offered through the New Jersey Department of Community Affairs (NJCDC) has been accepted, and the Bank will donate $100,000 to help the organization finance the acquisition and renovation of a derelict property to 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 contribution will help the NJCDC transform the Great Falls Youth Center building in Paterson into a neighborhood center to provide educational programs, job training and microenterprise development services to neighborhood residents.
“Lakeland Bank is pleased that our application was accepted and that we can participate in the NRTC again this year,” said Thomas J. Shara, president and chief executive officer, Lakeland Bank. “We are strongly committed to helping the City of Paterson create opportunities that enhance the quality of life for its residents.”
“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 complete the rehabilitation of an abandoned property that we purchased last year. 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.”
Photo Caption: Lakeland Bank colleagues Perry Lighty, Branch Manager; Roxanne Camejo, Community Development Officer; and India Delgado, Mortgage Representative joined NJ Department of Community Affairs staff members Victoria Hernandez, Chief Program Officer (left), Robert Guarasci, Founder and CEO (at podium) and Michael Cassidy, Director of Real Estate (right) at the Great Falls Youth Center Ribbon Cutting Ceremony in Paterson on Friday, March 16.
About Lakeland Bank
Lakeland Bank is the wholly-owned subsidiary of Lakeland Bancorp, Inc. (NASDAQ:LBAI), which has $5.4 billion in total assets. The Bank operates 53 branch offices throughout Bergen, Essex, Morris, Ocean, Passaic, Somerset, Sussex, and Union counties in New Jersey including one branch in Highland Mills, New York; six New Jersey regional commercial lending centers in Bernardsville, Jackson, Montville, Newton, Teaneck and Waldwick; and one in New York to serve the Hudson Valley region. Lakeland also has a commercial loan production office serving Middlesex and Monmouth counties in New Jersey. 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.