New Jersey Data and Stories

State Fact Sheet

Map of Selected Projects in New Jersey

Community Testimonials

Valley National Bank has demonstrated a steadfast commitment to the New Markets Tax Credits (NMTC) Program, actively participating as an investor and providing strong support for the NMTC Program. With a notable track record, Valley National Bank has invested over $530 million in 49 impactful NMTC transactions, located in distressed communities across the nation. Our Community Development Entity, DV Community Investment, has provided $509 million dollars of NMTC allocation to 65 projects. These projects have yielded remarkable outcomes, including the creation of over 12,000 full-time jobs, over 12,000 construction jobs, and provided community and social services to more than 250,000 low-income individuals annually. NMTCs are incredibly beneficial, providing needed financing to rural and low-income communities facing profound economic distress. To continue to create these catalytic and positive outcomes, Valley National Bank strongly urges the NMTC Program to be made permanent.

-Bernadette Mueller, Valley National Bank, Morristown, NJ

Selected Projects in New Jersey

Urban League of Essex Housing

Newark,
NJ
(2023)

Housing

CDE(s): National Community Investment Fund

Eight new homes for low-and-moderate-income families in Newark, NJ

The Children’s Home Society of New Jersey

Trenton,
NJ
(2023)

Daycare and Early Childhood, Schools

CDE(s): New Jersey Community Loan Fund

New Spaces to Ensure New Jersey’s Youngest Residents Have Equitable Access to High Quality Early Development Opportunities

Lendistry Fund – Black Paper Party Project

Jersey City,
NJ
(2023)

CDE(s): USBCDE

Black Paper Party is an MWBE seeking working capital and debt refinancing to continue to provide holiday gift wrapping solutions.

The Crossing at Brick Church

East Orange,
NJ
(2022)

FQHCs, Mixed-use

CDE(s): Dudley Ventures, Enterprise Community Partners, Local Initiatives Support Corporation, Mid-City Community CDE, New Jersey Community Loan Fund, PNC, The Reinvestment Fund, Urban Action Community Development

The Crossings at Brick Church Station is an urban, mixed-use redevelopment anchored by a 68,000 sq. ft. ShopRite Supermarket, 24,000 sq. ft. of retail space including 2,000 sq. ft. of

Philips Academy

Paterson,
NJ
(2022)

Schools

CDE(s): New Jersey Community Loan Fund, PNC

Development of a 63,000 sq. ft. school facility

Hinchliffe Stadium Rehab

Paterson,
NJ
(2021)

Community, Restaurants and Catering, Retail and Commercial, Theaters and Performing Arts Spaces

CDE(s): Consortium America, New Jersey Community Loan Fund, RBC Community Development, USBCDE

NMTC financing will power reimagination of historic former Negro League baseball stadium in Paterson, N.J.

CompleteCare Bridgeton Downtown Redevelopment

Bridgeton,
NJ
(2020)

Community, FQHCs, Healthcare, Rural

CDE(s): New Jersey Community Loan Fund

CompleteCare Health Network’s new 29,301 sq. ft. location, housed in downtown Bridgeton, NJ, will combine two current Bridgeton-based CompleteCare locations into one, as well as some services currently contained in

Paterson Habitat for Humanity

Paterson,
NJ
(2020)

Affordable Housing, Community, Habitat for Humanity, Housing

CDE(s): New Jersey Community Loan Fund

In 2020, the NMTC provided patient financing for the nonprofit to facilitate the construction of 14 scattered site, for-sale affordable housing units.

HCSC Camden

Camden,
NJ
(2020)

Business Development, Manufacturing

CDE(s): New Jersey Community Loan Fund

NMTC allocation for the renovation and equipment purchase to transform a vacant commercial building into an industrial laundry processing facility.

Newark Makerhoods-an Affordable Live/Work Community

Newark,
NJ
(2020)

Business Development, Community, Historic Rehabilitation, Incubator, Manufacturing

CDE(s): New Jersey Community Loan Fund

The Makerhood Campus is a combination of historic renovation and new construction meant to encourage and support entrepreneurial endeavors and micromanufacturing enterprises.

KPIP Building 78 Annex

Kearny,
NJ
(2020)

Incubator

CDE(s): Capital One, New Jersey Community Loan Fund

Rehabilitation of the former “craneway” building adjacent to the Sponsor’s existing Building 78, which will result in 90,000 sq. ft. of flexible office space targeted to small business including businesses

ResinTech

Camden,
NJ
(2019)

Business Development, Manufacturing

CDE(s): Cinnaire New Markets, Consortium America, New Jersey Community Loan Fund

Construction of new production facilties for Resintech, Inc. and ActionPak, Inc. ResinTech Inc’s facility in Camden, NJ was the first ion exchange resin manufacturing plant built in the U.S. in