Parke Bank has made a $521,000 contribution to the The Neighborhood Revitalization Tax Credit Program that will benefit 19 community-based nonprofit organizations. The contribution was made specifically to the Atlantic County Economic Alliance for the Ducktown neighborhood project in Atlantic City.
The NRTC Program, which is administered by DCA’s Division of Housing and Community Resources, is designed to spur the renewal of neighborhoods at risk of experiencing a downturn. It accomplishes this through strategies developed by local residents and community-based nonprofit organizations that assist them, as well as through financial contributions from corporations.
Possible uses of NRTC funds by the nonprofit organizations include:
- Construction and rehabilitation of affordable housing units
- Creation of commercial facilities
- Assistance to small businesses and microenterprises
- Employment training
- Open space improvements
- Social and community services
- Recreation activities
- Crime prevention activities
- Community outreach activities