Horizon Blue Cross Blue Shield of New Jersey Invests $615,625 in Neighborhood Revitalization Tax Credits Program
Newark, New Jersey (PRWEB) March 10, 2015
Horizon Blue Cross Blue Shield of New Jersey (Horizon BCBSNJ) today announced that it is investing $ 615,625 in four urban community development projects through the New Jersey Department of Community Affairs’ (DCA) Neighborhood Revitalization Tax Credit (NRTC) program. The company will be supporting projects that will help revitalize neighborhoods in Newark, New Brunswick, Perth Amboy and Paterson.
“For more than 82 years, Horizon has been giving back to the communities we serve, and the NRTC program makes it possible for us to join with public and non-profit organizations to invest in New Jersey’s great urban neighborhoods,” said Robert A. Marino, Chairman and CEO of Horizon BCBSNJ.
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 are extremely appreciative of Horizon ongoing commitment to the NRTC program,” said Richard E. Constable III, Esq., DCA Commissioner. “With Horizon’s help, we hope to complete projects in urban neighborhoods that improve access to quality, affordable housing and strengthen community-based programs.”
Horizon BCBSNJ is investing in the following projects through the NRTC program:
Ironbound Community Corporation
Ironbound Community Corporation will receive $ 250,000 to help fund the Hawkins Stabilization & East Ferry Revitalization project. The funds will be used to help rehabilitate 10 abandoned housing units on the blocks surrounding Hawkins Street School as affordable housing and to help make improvements to East Ferry Streetscape.
Catholic Charities Diocese of Metuchen
The Catholic Charities Diocese of Metuchen Unity Square will receive $ 115,625 to provide support to the Unity Square 2015 program. Some of the plans include employment training skills, and employment of community residents in full-time work through “Corazon Kitchen,” and to maintain and expand community garden plots and to conduct bilingual gardening workshops.
Jewish Renaissance Foundation
The Jewish Renaissance Foundation will receive $ 125,000 to help assist the Perth Amboy Alliance for Community 2. These funds will help the Civic Justice Corps, exterior housing repair, and Community and Health Education Activities.
NJ Community Development Corporation
The NJ Community Development Corporation will receive $ 125,000 for its Park Corner Apartments/Paterson Youth Arts Program. The funds will be used for construction of Park Corner Apartments creating a new community asset with affordable housing and economic activity and the creation of Paterson Youth Arts Project, a part of the Great Falls Promise Neighborhood Initiative which provides comprehensive arts education to neighborhood youth.
This is the eighth 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 service corporation, providing a wide array of medical, dental, and prescription insurance products and services. Horizon BCBSNJ is leading the transformation of health care in New Jersey by working with doctors and hospitals to deliver innovative, patient-centered programs that reward the quality, not quantity, of care patients receive. Learn more at http://www.HorizonBlue.com. Horizon BCBSNJ is an independent licensee of the Blue Cross and Blue Shield Association serving more than 3.8 million members.