Holly City Development Corporation (HCDC) has been awarded $985,000 to continue to support revitalization in Center City Millville. The 2023 grant from the NJ Department of Community Affair’s Neighborhood Revitalization Tax Credit (NRTC) program includes $200,000 from OceanFirst Bank and $190,000 from BDGS, Inc. — the real estate development arm of Stanker & Galetto in Vineland. Another $595,000 was awarded to HCDC through NRTC’s Corona Virus State and Local Fiscal Recovery Fund program.
NRTC offers businesses a 100 percent tax credit against various New Jersey state taxes. Credits are provided to businesses that invest in the revitalization of low- and moderate-income neighborhoods in eligible cities. OceanFirst Bank and BDGS, Inc. contributed to HCDC through this program.
“We are proud to contribute to the Neighborhood Revitalization Tax Credit Program and are pleased that Holly City Development Corporation was among the non-profit organizations selected by the Department of Community Affairs to receive funds provided by OceanFirst,” said Vincent D’Alessandro, Community Bank President at OceanFirst Bank N.A. Mr. D’Alessandro added, “The NRTC Program is a win-win benefitting our neighbors in need and our local communities.”
“Directing tax dollars through the NRTC is a very practical way to support long-term investment in the City of Millville,” said Ethan Byler, President, BDGS, Inc. and Executive Vice President of Stanker & Galetto, Inc. “The outstanding efforts of Holly City Development Corp are building a meaningful foundation for continued private investment in the community.”
To become eligible for the most recent round of NRTC funding, HCDC submitted a 10-year comprehensive neighborhood plan that involved three phases of work and lasted approximately 10 months. The process and deliverables were guided by a steering committee of 21 members. HCDC will use 2023 NRTC funding for design and pre-development of key properties, small business assistance, neighborhood improvements and activities, and job training through internships with local business partners.
“We are truly grateful for the contributions OceanFirst Bank and Stanker & Galetto made through the NRTC program, as well as the additional funding DCA provided,” said HCDC Executive Director Heather Santoro. She went on to say there are several very visible ways previous NRTC funding is already at work in Center City. “The Millville Public Library expansion — which is underway — is funded in-part by NRTC. Since 2014, NRTC grants have also allowed us to financially support pre-development work for the Rowan College of South Jersey Arts and Innovation Center, the Complete Care facility, and the Creative Enterprise Center.”
HCDC has also used NRTC funding to rehab homes in Millville’s residential neighborhoods, establish and maintain the community garden at Fourth & Vine Streets and administer Playstreets, a yearly, six-week summer program that closes Pine Street between 2nd and 3rd Streets to open the street for a day of play.
This latest grant brings the total HCDC has invested in Center City Millville’s revitalization through NRTC to over $4.45 million since 2014. Past NRTC participants that used the program to contribute to HCDC include South Jersey Gas, Horizon Healthcare, PNC Bank and TD Bank.
Businesses interested in helping community and economic development through the NRTC program can visit the state’s website at nj.gov/dca/divisions/dhcr/offices/nrtc.
About OceanFirst Bank N.A.
OceanFirst Bank N.A. is a $13.6 billion regional bank founded in 1902 and is a subsidiary of OceanFirst Financial Corp. (NASDAQ:OCFC). OceanFirst provides financial services throughout New Jersey and in the major metropolitan markets of Philadelphia, New York, Baltimore, and Boston. The Bank delivers commercial and residential financing, treasury management, trust and asset management, and deposit services and is one of the largest and oldest community-based financial institutions headquartered in New Jersey.
About Stanker & Galetto, Inc.
Founded in Vineland in 1946, Stanker & Galetto remains a hallmark of quality and reliability in the construction industry spanning three generations of family leadership and commitment proudly serving Southern New Jersey. With decades of knowledge and experience in industrial, commercial and community construction, as well as property management and real estate holdings, Stanker & Galetto excels in meeting the modern building needs of business and industry today.