$185,000 donation will help finance Remaking the Entranceway to the Great Falls Historic District Project
Oak Ridge, N.J. – May 31, 2023 – Lakeland Bank is pleased to continue to participate in the Neighborhood Revitalization Tax Credit Program (NRTC) administered by the New Jersey Department of Community Affairs for 2023. As part of the program this year, the Bank contributed $185,000 to the New Jersey Community Development Corporation (NJCDC) for their most recent project to purchase and demolish a dilapidated building in Paterson that serves as the entranceway to the Great Falls Historic District.
“We have been partners with the NJCDC for more than 10 years and are so pleased that we can continue to support this amazing organization as they begin their project to remake this critical area to enhance the City of Paterson,” said Roxanne Camejo, Senior Vice President, Community Development Officer.
The NRTC program is designed to foster the revitalization of New Jersey's most distressed neighborhoods, and Lakeland’s donation to the NJCDC will help finance the construction of a mixed-use building consisting of affordable housing units and ground floor retail locations in this prominent Paterson neighborhood.
“Lakeland Bank’s long-term commitment to the residents of Paterson and NJCDC is helping to rid our neighborhood of eyesores and bring new construction to attract investors in the City, and improve the lives of our residents. Not only are we enhancing our town, but this funding allows us to continue to provide several vital programs and services that benefit the thousands of children and families that call it home. With the support of Lakeland Bank, we are able to accomplish critical work and improve our community,” said Bob Guarasci, NJCDC’s CEO.
About Lakeland Bank
Lakeland Bank is the wholly-owned subsidiary of Lakeland Bancorp, Inc. (NASDAQ:LBAI), which has over $10 billion in total assets. With an extensive branch network and commercial lending centers throughout New Jersey and Highland Mills, N.Y., the Bank has been offering business and retail banking products and services for over 50 years. Business services include commercial loans and lines of credit, commercial real estate loans, loans for healthcare services, asset-based lending, equipment financing, small business loans and lines, and cash management services. Consumer services include online and mobile banking, home equity loans and lines, mortgage options and wealth management solutions. Lakeland is proud to be recognized as New Jersey's #1 Best-In-State Bank by Forbes and Statista, named a Best Bank To Work For by American Banker and Best Companies Group, rated a 5-Star Bank by Bauer Financial and named one of New Jersey’s 50 Fastest Growing Companies by NJBIZ. 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 $15 million per year is available in tax credits.