Paterson Habitat for Humanity received a generous amount of support for its “Building Homes and Opportunity” program from Oak Ridge-based Lakeland Bank on Monday.
The bank donated $50,000 to help Habitat further its Northside Neighborhood Revitalization Project.
“We are pleased to provide aid to Paterson Habitat for Humanity to support its dedication to creating homeownership in the Northside community and improving the quality of life in this neighborhood,” Thomas J. Shara, president and chief executive officer of the bank, said.
The funds will increase homeownership opportunities and better the conditions in Paterson’s Northside community.
Habitat is planning to build three new homes by acquiring vacant and abandoned properties in the Northside. It also will help repair and rehabilitate owner-occupied homes as well as commission a mixed use redevelopment feasibility study to determine what kinds of retail outlets are best suited for the neighborhood based on demography.
Habitat’s homeownership program to help low-income families own the homes they live in was approved by the New Jersey Department of Community Affairs, Neighborhood Revitalization Tax Credit Program (NRTC).
“We are thankful to have the support of Lakeland Bank and we’re glad that the Bank sees the value of this tax credit program,” Executive Director of Paterson Habitat Barbara Dunn said. “The NRTC is a great way for companies to support nonprofit work like ours and Lakeland’s participation in the program is instrumental in our ability to increase the amount of work we can do in the Northside Neighborhood.”
Lakeland Bank is the second largest commercial bank headquartered in New Jersey and has 48 branches mostly in New Jersey and New York.