How Business Owners Can Partner with HCDC to Invest in Millville's Future

8 hours ago

2 min read

Over the years, Holly City Development Corporation has funded several visible and impactful local projects through the state's Neighbhorhood Revitalization Tax Credit (NRTC) program. Some include:

Expansion of the Millville Public Library
Development of the Creative Enterprise Center
Development of Rowan College of South Jersey’s Arts and Innovation Center
Murals that beautify the downtown Arts/Business District.
Playstreets summer programming for Millville's young people in the Center City neighborhood.
Housing rehabilitation projects for Center City homeowners

What is NRTC?

The Neighborhood Revitalization Tax Credit program allows companies with New Jersey State Tax Liability to purchase tax credits that fund projects in NJ neighborhoods. Holly City Development Corporation’s NRTC-approved Neighborhood Plan for the City of Millville’s Center City neighborhood is eligible for this funding.

The NRTC program is offered through the New Jersey Department of Community Affairs and functions as a tax credit program. Companies are able to purchase tax credits and dedicate them to NRTC grant recipients (like HCDC) to implement projects that were submitted as part of the non-profit’s grant application.

The company receives an 100% credit against their NJ State tax liability. For instance, if a company were to purchase $1 million of tax credits, it would count as $1 million dollars against their tax liability, but instead of the money going into the State’s general tax fund, it would be committed to fund the the local projects HCDC has outlined in its application to the state. In order to have a fully funded project, we will need to have an investment of $815,000 in purchased credits — which can be reached with multiple investors.

How will the next Round of NRTC Funding Be Used?

Microenterprise Business Assistance Program

This project will provide grants and loans to small businesses for capital expenses, working capital such as equipment upgrades for existing businesses and building owners. Holly City Development Corp will offer a grant program up to $25,000 to recruit new businesses into the Center City Central Business District. We will also offer small business loans with flexible terms up to $50,000 for current, new and expanding businesses.

Homeowner Accessibility Program

Retaining current homeowners in Center City is critical to our neighborhood revitalization efforts. The Homeowner Accessibility Program is designed to add accessibility features to residents’ homes to aid them aging in place. Accessibility features may include: accessibility ramps, walk-in showers, handrails, and more.

Neighborhood Improvements & Community Engagement

Thriving business districts are built on strong communities. Through youth programming, Playstreets, neighborhood cleanups, and community gardens, HCDC will engage over 1,200 residents in activities that build pride and ownership in Center City.

Partner With Holly City Development Corporation

Holly City Development Corporation’s revitalization efforts create stronger neighborhoods, more opportunities for business growth, and a more vibrant city for residents and visitors alike. We invite business leaders to join us in shaping Millville’s future — where thriving communities and thriving businesses go hand in hand.

For more information on how to participate in the NRTC program, contact Heather Santoro, HCDC Executive Director, at 856.776.7979 or hsantoro@hollycitydevelopment.org.