Asbury Park, NJ
A jolt of new investment — worth $200,000 from Jersey Central Power & Light — was announced by officials from state and local government at the headquarters of InterFaith Neighbors Inc. The money will help fund the first year of the 10-year revitalization plan for the neighborhoods west of Memorial Drive, outlined by Interfaith and accepted by the state Department of Community Affairs.
The ten-year plan to revitalize Asbury Park’s West Side Neighborhood was developed by Interfaith Neighbors Inc. using a $30,000 NRTC planning grant from DCA. CGP&H worked with Interfaith Neighbors to draft both the grant application and comprehensive NRTC plan.
“There's a real sense of progress in Asbury Park these days -- Downtown, the Oceanfront and Main Street all show visible signs of renewal,” said Marmora. “With the DCA’s approval of our West Side Neighborhood Revitalization Plan in hand and with the corporate support of the NJ Natural Gas Company and other prospective corporate tax credit investors in this plan, Interfaith Neighbors looks forward to working with the West Side community to foster economic growth and a significant increase in affordable housing."
The Neighborhood Revitalization Tax Credit Program (NRTCP) is designed to foster the revitalization of New Jersey’s distressed neighborhoods. The Program offers business entities a 100 percent tax credit against various New Jersey state taxes.