07/08/2019 | Press release | Distributed by Public on 07/08/2019 08:23
$100,000 donation will help finance the Building Pride project in Northside
OAK RIDGE, N.J., July 3, 2019 - Lakeland Bank is pleased to announce that its application to participate in the Neighborhood Revitalization Tax Credit Program (NRTC) 2018 Qualified Projects Pool offered through the New Jersey Department of Community Affairs (NJCDC) has been accepted, and the Bank will donate $100,000 to Paterson Habitat for Humanity.
'Lakeland Bank is pleased that our application was accepted again this year and that we can continue to support creating opportunities that enhance the quality of life for the residents living in the City of Paterson,' said Thomas J. Shara, president and chief executive officer, Lakeland Bank.
The NRTC program is designed to foster the revitalization of New Jersey's most distressed neighborhoods, and Lakeland's donation to the Paterson Habitat for Humanity organization will help finance the Building Pride project in Northside which includes the demolition of a vacant and abandoned housing unit, an infill housing development, the development of public green spaces and a micro-grant program for microenterprises.
'Lakeland Bank's long-term commitment to the residents of Paterson, the Northside Neighborhood and Paterson Habitat for Humanity is helping to change the direction of this neighborhood and the families that call it home. The support of Lakeland Bank, and our other NRTC sponsors, is critical to accomplishing our work. We are grateful for their support,' said Scott Millard, chief executive officer, Paterson Habitat for Humanity.
About Lakeland Bank
Lakeland Bank is the wholly-owned subsidiary of Lakeland Bancorp, Inc. (NASDAQ:LBAI), which has over $6 billion in total assets. With an extensive branch network and commercial lending centers throughout New Jersey and Highland Mills, N.Y., the Bank offers business and retail banking products and services. Business services include commercial loans and lines of credit, commercial real estate loans, loans for healthcare services, asset based lending, equipment financing, small business loans and lines, and cash management services. Consumer services include online and mobile banking, home equity loans and lines, mortgage options and wealth management solutions. Lakeland is proud to be recognized as one of New Jersey's 50 Fastest Growing Companies by NJBIZ. Visit LakelandBank.com for more information.
About the Neighborhood Revitalization Tax Credit Program
NRTC 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 Department for a revitalization plan for the neighborhood it serves. The funds must be used by the organizations for projects and activities that will implement the goals and strategies of the approved neighborhood plan. At least 60% of the funds must be used for housing and/or economic development activities (including development of housing units); the remainder may be used for supportive services and other activities that are complementary to neighborhood revitalization. Program funds originate from companies, which receive an 80 percent tax credit against various N.J. state taxes for the amount of funds contributed (to a maximum of $1 million per year). A total of $10 million per year is available in tax credits.
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