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Funds Awarded Through State’s Neighborhood Revitalization Tax Credit Program
CAMDEN, N.J., July 20, 2021--(BUSINESS WIRE)--New Jersey American Water today announced the awarding of $950,000 in Neighborhood Revitalization Tax Credit (NRTC) funding to Parkside Business and Community in Partnership (PBCIP) of Camden. The funding, which was announced in coordination with the state’s Department of Community Affairs (DCA), will be used for projects aimed at improving housing and economic development opportunities in Camden’s Parkside neighborhood.
"For over a decade, New Jersey American Water has participated in the state’s innovative NRTC program to provide funding to transformational projects in several of the communities we serve," said Mark McDonough, president of New Jersey American Water. "This year, we are proud to support Parkside Business & Community in Partnership, which represents neighborhood residents, business owners, institutional directors and stakeholders working together to revitalize the Parkside neighborhood of Camden. We are honored to be among that list of partners together in this community."
"We are so grateful to be the recipient of New Jersey American Water’s 2021 NRTC Grant," said Bridget Phifer, Executive Director of PBCIP. "With this donation, we will be able to continue the vital work of supporting home ownership and strengthening economic development for the Haddon Avenue corridor."
The NRTC Program, which is administered by DCA’s Division of Housing and Community Resources, is designed to spur the renewal of distressed neighborhoods through strategies developed by residents and the community-based nonprofit organizations that assist them. These local organizations prepare, submit, and receive approval from DCA for multi-year revitalization plans for the neighborhoods they serve. The approved projects are listed in a qualified projects pool from which companies choose the ones they want to financially support. New Jersey American Water’s application to award this grant was approved by the DCA in December 2020.
"Partnerships between our non-profits, local businesses and the area they serve is the foundation of a thriving community," said Camden Mayor Victor Carstarphen. "The City of Camden congratulates PBCIP on this award and looks forward to partnering as we advance neighborhood development efforts. The work that New Jersey American Water is doing to support our local community is vital for our city’s continued revitalization as we transition out of the pandemic."
"We’re excited to see the Parkside neighborhood benefit from this generous grant," said Assemblyman William Spearman. "With the help of transformative donations like New Jersey American Water’s, the city of Camden and all of its residents will continue to thrive."
Since 2010, New Jersey American Water provided approximately $9.1 million in grants to community initiatives in its service areas across the state through the Neighborhood Revitalization Tax Credit program. Approximately $8 million of that total has been awarded to Camden initiatives.
New Jersey American Water has been the water services provider for the Cramer Hill and East Camden parts of the city for over 100 years and American Water Contract Services has been the contract operator for Camden’s water and wastewater system since 2016. To learn more about American Water’s ongoing partnership with the Camden community, visit: amwater.com/camden.
About New Jersey American Water
New Jersey American Water, a subsidiary of American Water (NYSE: AWK), is the largest investor-owned water utility in the state, providing high-quality and reliable water and/or wastewater services to approximately 2.8 million people. For more information, visit www.newjerseyamwater.com and follow New Jersey American Water on Twitter and Facebook.
About American Water
With a history dating back to 1886, American Water is the largest and most geographically diverse U.S. publicly traded water and wastewater utility company. The company employs more than 7,000 dedicated professionals who provide regulated and market-based drinking water, wastewater and other related services to 15 million people in 46 states. American Water provides safe, clean, affordable and reliable water services to our customers to help keep their lives flowing. For more information, visit amwater.com and follow American Water on Twitter, Facebook and LinkedIn.
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Denise Venuti Free
Director of Communications & External Affairs
New Jersey American Water