New Brunswick Tomorrow Awarded $1 Million for Esperanza Neighborhood Revitalization
New Brunswick, NJ-Entering its third year of participation in the New Jersey Department of Community Affairs’ Neighborhood Renovation Tax Credit (NRTC) program, New Brunswick Tomorrow (NBT) is excited to announce receipt of a $1 million NRTC award, its largest thus far, on behalf of the Esperanza Neighborhood Project. This award will expand on our ongoing efforts to help local families and small businesses thrive.
“The Esperanza Neighborhood Project has been a multi-year labor of love for NBT and the many individuals and organizations who have contributed to its success,” said Charles Bergman, Director of Neighborhood Strategies, “This funding will allow us to grow our community-powered, equitable revitalization activities, for the benefit of the neighborhood’s families, homes, small businesses, and overall quality of life.”
Affordable housing is at the center of our 2023-34NRTC revitalization plan, with three key objectives to catalyze safe, stable housing for individuals and families at different stages of their housing journey:
1)Providing gap funding to Coming Home of Middlesex County, Inc. for the development of six permanent supportive rental apartments for individuals who have experienced chronic homelessness;
2)Funding to support the renovation of distressed neighborhood homes, to be made available to first-time homeowners;
3)Expanding the Esperanza Down Payment Assistance Program for first-time homebuyers.
“We are very appreciative of NBT’s support of our efforts to create more affordable housing for those without homes, said Eileen O’Donnell, Executive Director of Coming Home. “It truly will take a village to end homelessness in the City, and in our County, and we are happy to have the collaboration of NBT.”
Additional funding will be distributed across an array of revitalization strategies, including:
· Family supports through the Family Leadership Academy program, a partnership with PRAB that supports families to pursue goals of stability and economic mobility;
· Economic development efforts that offer business education and coaching with Rising Tide Capital;
· Scholarships for aspiring food entrepreneurs to the Promise Culinary School at Elijah’sPromise;
· Formation and support of a new trade association for local entrepreneurs engaged in theMercado Esperanza initiative;
· Coordinated resources and marketing for the French Street-Joyce Kilmer small business association;
· Cultural expression through NBT’s Mercado Esperanza festivals and public art installations with coLAB Arts;
· Quality, free summer programming for New Brunswick youth through the Bobadilla Summer Soccer Academy and coLAB Arts’ Summer ArtsInstitute.
“The increased support from participating NRTC investors allows us to create an increased positive impact in our community,” said Jaymie Santiago, President of New Brunswick Tomorrow, “We are grateful for the support of our funders to help us to continue our mission of creating a stronger, more inclusive community in New Brunswick.”
NBT is pleased to have attracted NRTC investment from the following business entities (listed in alpha order): Citizens United Reciprocal Exchange (CURE Insurance), M&T Bank, New Jersey Casualty Insurance Company, PNC Bank, Selective Insurance Company of America, and Valley National Bank.
In addition to funds designated through the QPP, New BrunswickTomorrow has been awarded $166,400.00 through the Corona Virus State and Local Fiscal Recovery Funds (SLFRF) Program, a part of the American Rescue Plan, fora total grant award of$1,000,000.00.
New Brunswick Tomorrow and its partners look forward to putting this grant to work in the Esperanza Neighborhood and creating a more equitable and thriving New Brunswick for everyone.
About New Brunswick Tomorrow
New BrunswickTomorrow is a social impact organization dedicated to enriching the lives ofNew Brunswick’s people by improving quality of life for all who call New Brunswick home. NBT fosters networks of institutions and community organizations, serving as a catalyst in developing solutions that improve the issues that matter most to city residents. For more information, visit www.nbtomorrow.org.
Michelle Villa,Associate Director of Communications
New BrunswickTomorrow, email@example.com