Lakeland Bank Supports Paterson Habitat for Humanity Project
July 27, 2015
OAK RIDGE, N.J., July 27, 2015 — Lakeland Bank recently contributed to the “Building Homes and Opportunity” program to support the Paterson Habitat for Humanity’s ongoing Northside Neighborhood Revitalization Project.
This program was approved by the New Jersey Department of Community Affairs, Neighborhood Revitalization Tax Credit Program (NRTC), and helps to advance the Paterson Habitat’s 30 year mission to help low-income families achieve sustainable homeownership. Lakeland Bank’s $50,000 donation will increase the opportunities for affordable homeownership and improve conditions in Paterson’s Northside community.
“We are pleased to provide aid to Paterson Habitat for Humanity to support its dedication to creating homeownership in the Northside community and improving the quality of life in this neighborhood,” said Thomas J. Shara, president and chief executive officer, Lakeland Bank.
Paterson Habitat will build three homeownership units through the acquisition of vacant land and derelict properties in Northside. Additionally, they will help with the repair or rehabilitation of owner-occupied homes and will commission a mixed use redevelopment feasibility study to explore the types of retail outlets that are consistent with local demographics in the neighborhood.
“We are thankful to have the support of Lakeland Bank and we’re glad that the Bank sees the value of this tax credit program,” said Barbara Dunn, Executive Director of Paterson Habitat. “The NRTC is a great way for companies to support nonprofit work like ours and Lakeland’s participation in the program is instrumental in our ability to increase the amount of work we can do in the Northside Neighborhood.”
About Lakeland Bank
Lakeland Bancorp (LBAI), the holding company for Lakeland Bank, has $3.6 billion in total assets with 48 branch offices, five regional lending centers, and two loan production offices spanning Bergen, Essex, Middlesex, Morris, Passaic, Somerset, Sussex, Union and Warren counties in New Jersey, and the Hudson Valley region of New York. Lakeland Bank is the second largest commercial bank headquartered in the state and offers an extensive array of consumer and commercial products and services, including online and mobile banking, localized commercial lending teams, and 24-hour or less turnaround time on consumer loan applications. For more information about the full line of products and services, visit LakelandBank.com.
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 New Jersey 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.