Valley Bank has announced a $1 million investment in the New Jersey Neighborhood Revitalization Tax Credit (NRTC) Program for the 2025-2026 cycle. This latest contribution brings the bank’s total historical support for the state-run initiative to more than $8.5 million, underscoring a deep-seated commitment to local community development.
The NRTC program, managed by the New Jersey Department of Community Affairs (DCA), allows corporations to direct their state tax liabilities toward nonprofit-led revitalization projects. These projects are unique in that they are guided by “resident-driven plans,” ensuring that the investments align with the actual needs of the people living in those neighborhoods.
Valley’s $1 million investment will be distributed across six major projects spanning Warren, Passaic, Middlesex and Essex counties. The funding focuses on three core pillars: affordable housing, small business growth, and expanded economic opportunity.
“Through the NRTC Program, Valley continues to invest in initiatives driven by community voices and deliver meaningful, long-term impact,” Bernadette Mueller, chief CSR-CRA officer at Valley said. “We are proud to support organizations that are creating pathways to economic opportunity across New Jersey.”
2026 project highlights
The investment will breathe new life into several key sites and programs across the state:
- Norwescap (Warren County): Redeveloping the former Sullivan’s restaurant into a mixed-use hub featuring a social enterprise restaurant, workforce training, and affordable housing.
- NJ Community Development Corp (Passaic County): Transforming a blighted gateway property near the Great Falls Historic District into retail space and affordable housing units.
- Passaic County Habitat for Humanity: Funding two initiatives in the 4th Ward and Eastside for homeownership, critical repairs, and community services like ESL classes and youth programming.
- Jewish Renaissance Foundation (Middlesex County): Supporting small businesses and family financial empowerment in Perth Amboy, including home repairs in partnership with Habitat for Humanity.
- HANDS, Inc. (Essex County): Focusing on youth entrepreneurship, housing rehabilitation, and financial capability programs to help residents build long-term stability.
By participating in the NRTC program, Valley Bank effectively bridges the gap between state tax obligations and grassroots community needs. This model ensures that capital remains within New Jersey to solve local challenges like the housing shortage and the “wealth gap” in underserved urban areas.
