Paramus, N.J. – M&T Bank announced today that it has awarded $985,000 in funding to four organizations that provide financial literacy and affordable housing resources to New Jersey, in continuation of the bank’s commitment to nurturing the development of sustainable neighborhoods across the Garden State.
Through this Neighborhood Revitalization Tax Credit program (NRTC), organizations serving low and moderate-income neighborhoods in New Jersey receive funding for revitalization projects to better their communities.
M&T’s investment provides four non-profit organizations with significant funding to help support revitalization projects in their regions. Decisions regarding specific agency funding were made by M&T’s regional community banking leadership team.
The local recipients of the tax credit funds this fiscal year include:
- New Jersey Community Development Corporation (NJCDC): M&T Bank has joined with the Paterson-based non-profit community development and social service agency by providing $300,000 in funding to continue renovations in the Great Falls Education and Training Center. The center will provide Paterson youth with education, job training, and microenterprise development services as well as offering community activities and programs. M&T Bank also plans to open a new bank branch in the City of Paterson in April.
- Garden State Episcopal Community Development Corporation (GDECDC): The Jersey City-based organization received $400,000 from M&T Bank to support the “I Love Greenville” community plan. Projects funded include developing affordable for-sale and rental housing, providing training scholarships for RN/LPN candidates, expanding academic and social development programs for 3rd-12th graders and conducting life skills & conflict resolution training for youth.
- Unity Square in New Brunswick, a project of Catholic Charities, Diocese of Metuchen: Unity Square is a close-knit community focused on raising the quality of life for all residents. M&T Bank’s $200,000 investment will help create more affordable housing, support community leadership efforts and beautify two local parks.
- Interfaith Neighbors: Headquartered in Asbury Park, Interfaith Neighbors will utilize M&T’s $85,000 investment by adding a second women’s shelter and building new affordable housing. They will also utilize the funds by continuing their employment training and placement efforts as well as providing summer enrichment activities for local youth.
“Our bank can only do well when we help our customers and communities succeed and investing in the NRTC program is another way we can support neighborhoods across New Jersey,” said M&T Bank Regional President Tom Comiskey. “M&T Bank has worked with each of these organizations in the past, and we are happy to continue to deepen our relationships with partners who provide critically needed support to New Jersey’s neighborhoods.”
About M&T Bank
M&T is a financial holding company headquartered in Buffalo, New York. M&T’s principal banking subsidiary, M&T Bank, operates banking offices in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia, and the District of Columbia. Trust-related services are provided by M&T’s Wilmington Trust-affiliated companies and by M&T Bank.
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