Provident Bank Announces $950,000 in NRTC Funding Awards to Ten New Jersey Non-Profit Organizations
Summary
ISELIN, NJ (MARCH 25, 2025): Provident Bank, a leading New Jersey-based financial institution, announced today that the bank has awarded $950,000 in funding to ten non-profit organizations as part of the New Jersey Department of Community Affairs, Neighborhood Revitalization Tax Credit (NRTC) Program for fiscal year 2025. The nonprofit organizations will use the funding to implement revitalization plans that address housing and economic development, provide opportunities for entrepreneurs to start businesses and job training for local residents, as well as complementary activities such as social services, recreational activities, and open space improvements. Perth Amboy Redevelopment Team for Neighborhood Enterprise and Revitalization - $100,000 for community improvements, housing services and economic opportunities for residents of the Gateway neighborhood of Perth Amboy.Provident Bank is proud to support these impactful non-profit organizations through the NRTC program, said Mary Brown, Senior Vice President, Chief Compliance Officer. Our investment in this initiative plays a vital role in helping these organizations fulfill their missions and revitalize their communities, aligning with our ongoing commitment to supporting the neighborhoods we serve, added Brown.The NRTC Program, which is administered by DCAs Division of Housing and Community Resources, is designed to jumpstart the renewal of neighborhoods at risk of experiencing a downturn. Every year, projects from the approved revitalization plans are listed in a qualified projects pool from which corporations choose the ones they want to financially support.The NRTC funds must be used by the nonprofit organizations for projects and activities that will implement the goals of the approved neighborhood plans.About Provident BankFounded in Jersey City in 1839, Provident Bank is the oldest community-focused financial institution based in New Jersey and is the wholly owned subsidiary of Provident Financial Services, Inc. (NYSE:PFS).