Yesterday, Greater Atlantic City Chamber President Michael Chait testified before the Senate Community and Urban Affairs Committee in support of Bill S3170, which would significantly expand the state’s Neighborhood Revitalization Tax Credit (NRTC) program. The bill, which would increase the program’s funding cap from $15 million to $65 million, passed unanimously and now moves to the Senate Budget and Appropriations Committee.
“For communities like Atlantic City, the NRTC program provides essential stability through community-driven development,” Chait testified. “As municipalities facing significant challenges continue to join the program, we must ensure adequate funding grows to match this need.” Read the full testimony here.
Representatives from Atlantic City’s Midtown and Chelsea Development Corporations (CDCs), joined the Chamber in supporting the legislation. During their testimony, they highlighted their impacts and successful collaborations between the city’s four CDCs, including joint workforce development initiatives, shared community outreach programs, and coordinated neighborhood improvement projects. This unprecedented cooperation demonstrates how the NRTC program fosters not just individual neighborhood development, but citywide strategic partnerships.
The NRTC program, established in 2002, offers business entities a 100% tax credit for investing in low and moderate-income neighborhoods. Sixty percent of funds must support housing and economic development, with the remainder dedicated to diverse community needs including small business assistance and neighborhood integration.
During his testimony, Chait highlighted Atlantic City’s pressing needs. The city currently faces an 8.5% unemployment rate – the second highest statewide – with nearly half of households earning less than $34,999. These challenges, combined with the legacy of the 2014 casino closures and subsequent foreclosure crisis, underscore the critical importance of stable community investment tools like the NRTC.
“For a city that has too often relied on silver-bullet solutions, the NRTC program offers something different: predictable, community-driven development that builds lasting change from the neighborhood up,” Chait emphasized.
Senator Troy Singleton, Chair of the Senate Community and Urban Affairs Committee, noted the program’s proven track record: “The NRTC has operated for roughly twenty years to benefit distressed neighborhoods by supporting the rehabilitation of damaged properties, the construction of new community spaces, and the creation of new and permanent homes and businesses.” Read the full statement from Senate Democrats here.
The Greater Atlantic City Chamber will continue advocating for this vital legislation as it moves through the legislative process. The expanded funding would provide crucial support for neighborhood revitalization efforts across New Jersey, with particular impact on communities like Atlantic City that are working to build sustainable, community-driven economic development.
For more information about the Chamber’s advocacy efforts or the NRTC program, please contact our office at info@acchamber.com.
