Horizon Blue Cross Blue Shield of New Jersey to Invest $985,000 in Neighborhood Revitalization Tax Credits
Newark, NJ (PRWEB) July 17, 2014 -- Horizon Blue Cross Blue Shield of New Jersey (Horizon BCBSNJ) today announced that it is investing nearly $1 million in seven urban community development projects through the New Jersey Department of Community Affairs’ (DCA) Neighborhood Revitalization Tax Credit (NRTC) program. The supported projects will assist with the economic revitalization of Newark, Jersey City and Camden.
“Horizon has been New Jersey’s leading health insurance company for more than 80 years, and we are committed to giving back to the communities we serve throughout the state,” said Robert A. Marino, Chairman and CEO of Horizon BCBSNJ. “The NRTC program allows Horizon to invest in projects that will help revitalize three of New Jersey’s major cities.”
The NRTC program 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 DCA for a revitalization plan for the neighborhood it serves. The funds must be used by the eligible organizations for projects and activities that will implement the goals and strategies of an approved neighborhood plan.
“We’re grateful to Horizon for its generous investments to the NRTC program,” said Richard E. Constable III, Esq., DCA Commissioner. “This year’s projects will provide affordable homes for those in need, support local teens and seniors, and help to keep our neighborhoods safe.”
Horizon BCBSNJ is investing in the following projects through the NRTC program:
Newark
Unified Vailsburg Services: UVSO Service Campus Phase III
The Unified Vailsburg Services program will receive $250,000 to provide support in the Vailsburg neighborhood of Newark. The goal of this project is to aid in the rehabilitation of three mixed use commercial buildings which currently house the organization's community programs, and to provide financial support for 50 families to participate in early intervention preschool programs.
Urban League of Essex County: ULEC Fairmount Neighborhood Advancement
The Urban League of Essex County will receive $250,000 to help with the ULEC Fairmount Neighborhood Advancement program. These funds will help with the acquisition and rehabilitation of four homes; the creation of a “Model Block" approach to improving conditions on Littleton Avenue, with streetscape improvements on four blocks; a job training/readiness program; and a housing counseling program.
Jersey City
WomenRising Inc.: Workforce Development/Teen Life Program
WomenRising Inc. will receive $85,000 to help fund the Workforce Development/Teen Life Program. The funds will be used to cover the costs of training programs and equipment, in addition to the Teen Life Intern program for neighborhood high school students preparing to attend college.
Garden State Episcopal: I Love Greenville Phase I
Garden State Episcopal will receive $100,000 to fund the I Love Greenville Phase I project. The project includes business/entrepreneur training and technical assistance services for local entrepreneurs, and comprehensive access for 40 senior residents to health and social services.
Camden
The Heart of Camden
The Heart of Camden will receive $100,000 for its Waterfront South Broadway Restoration project. Activities will include: coordinating with the District Council Collaborative Board, to improve public safety and quality of life in the neighborhood; the rehabilitation of a building to create Writers House, a location for creative and educational programs; and recreation staff support and equipment for the Michael J. Doyle Fieldhouse.
St. Joseph’s Carpenter Society: My East Camden, First Wave
The St. Joseph’s Carpenter Society will receive $100,000 to help with the revitalization of the East Camden neighborhood. Included in the project will be the construction of ten home ownership units on vacant lots, the development of a multi-purpose community center for neighborhood youth, a training program for those seeking energy efficient jobs and a Clean and Safe Ambassador program to assist residents and enhance public safety.
The Cooper Health System: Cooper Plaza Housing and Economic Development Phase III
The Cooper Health System will receive $100,000, in collaboration with a local nonprofit developer, to assist with the creation of seven homeownership units. Additional projects include the construction of a residential parking lot to address a shortage of on-street parking, and the continuation of the Clean and Safe Streets Program.
This is the seventh year Horizon BCBSNJ has participated in the State’s NRTC program.
The NRTC program provides business entities a 100 percent tax credit for funds provided to nonprofit entities carrying out comprehensive revitalization plans. Nonprofit entities must use at least 60% of the tax credit funds for housing and economic development; the remaining funds may be used for supportive services and other neighborhood improvements. For more information about the NRTC program, visit http://www.nj.gov/dca/divisions/dhcr/offices/nrtc.html.
About Horizon Blue Cross Blue Shield of New Jersey
Horizon Blue Cross Blue Shield of New Jersey, the state’s oldest and largest health insurer, is a tax-paying, not-for-profit health services corporation, providing a wide array of medical, dental, and prescription insurance products and services. Horizon BCBSNJ is an independent licensee of the Blue Cross and Blue Shield Association, serving 3.7 million members with headquarters in Newark and offices in Wall, Mt. Laurel, and West Trenton. Learn more at http://www.HorizonBlue.com.
Thomas Vincz, Horizon Blue Cross Blue Shield of New Jersey, 973-466-6625, [email protected]
Share this article