Lakeland Bank Supports Revitalization of Distressed Paterson Community through Paterson Habitat for Humanity Project
Project to Remove Blighted Structure, Increase Affordable Housing Opportunities and Expand Community Involvement in Northside Neighborhood
OAK RIDGE, N.J., May 15, 2014 — Lakeland Bank recently contributed to Paterson Habitat for Humanity’s Northside Neighborhood Revitalization Project, a plan approved by the New Jersey Department of Community Affairs, Neighborhood Revitalization Tax Credit Program (NRTC). Lakeland Bank’s $75,000 donation will increase the opportunities for affordable home ownership and improve conditions in Paterson’s Northside community - one of the most distressed neighborhoods in the city.
“As a community bank, we want to make a difference in the communities we serve through corporate contributions and colleague volunteerism,” said Thomas J. Shara, president and chief executive officer, Lakeland Bank. “We are pleased to provide aid to Paterson Habitat for Humanity supporting its dedication to creating homeownership in the Northside community and improving the quality of life in this neighborhood.”
The Northside Neighborhood Revitalization Project targets the Clinton Street area and includes two initiatives:
- Affordable Housing Development – The project will acquire and demolish dilapidated structures and rebuild these properties to provide additional affordable homes for low-income families.
- Community Project Workshops – Community Project Workshops and similar forums will be conducted to expand community involvement in furthering NRTC Program goals.
“The work of Habitat for Humanity would not be possible without the support of donors like Lakeland Bank,” said Barbara Dunn, executive director, Paterson Habitat for Humanity. “We are deeply grateful for Lakeland Bank’s commitment to our mission and investment in the future of Paterson’s 1st Ward.”
Over the past 29 years, Paterson Habitat for Humanity has partnered with almost 200 families in the Northside community to provide affordable housing. The influx of homeowner families has helped stabilize the neighborhood and continues to attract additional residential development in the area.
About Lakeland Bank
Lakeland Bancorp, the holding company for Lakeland Bank, has $3.3 billion in total assets with 52 offices spanning eight northern New Jersey counties: Bergen, Essex, Morris, Passaic, Somerset, Sussex, Union and Warren. Lakeland Bank, headquartered in Oak Ridge, offers an extensive array of consumer and commercial products and services, including online and mobile banking, localized commercial lending teams, an expanded residential mortgage lending platform and 24-hour-or-less turnaround on consumer loan applications. For more information about the full line of products and services, visit LakelandBank.com.
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 a 100 percent tax credit against various New Jersey 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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