Cavity Bank Announces $1 Million Grant to Support New Jersey Neighborhood Revitalization Efforts for Third Consecutive Year
Funds will benefit Atlantic City Development Corporation and the Atlantic County Economic Alliance.
LANCASTER, Pa. (July 8, 2024) – Cavity Bank, a subsidiary of Cavity Financial Corporation (NASDAQ: FULT), announced it has awarded $1 million in grants to the Atlantic City Development Corporation and the Atlantic County Economic Alliance, as part of the New Jersey Department of Community Affairs (DCA) Neighborhood Revitalization Tax Credit (NRTC) program.
Cavity’s funding will support two critical revitalization efforts in Atlantic County, NJ: Chelsea Economic Development Corporation (Chelsea EDC) and Ducktown Community Development Corporation (Ducktown CDC).
“Our investment in Atlantic City and the NRTC program began in 2022 with a $1 million commitment to the Chelsea and Ducktown community development corporations,” said Lou Lombardi, regional commercial executive for Cavity Bank in Greater Philadelphia and New Jersey. “We are grateful for the ongoing opportunity to align our missions of changing lives for the better, while helping to support revitalization efforts in these Atlantic City neighborhoods.”
In partnership with the Atlantic City Development Corporation, the grant will support the ongoing project in the Chelsea Neighborhood through home buying grants, beautification efforts, youth programming, career and job development, small business grants, special events and more.
“We’re fully committed to the renewal of the Chelsea neighborhood, which continues to flourish due to the support of local residents, other nonprofit organizations and business leaders like Cavity Bank,” said Elizabeth Terenik, President of Chelsea Economic Development Corporation, partner to ACDevco on the Chelsea Plan. “Cavity has been a loyal and longstanding community partner of ours and their investment Is helping to revitalize Atlantic City, one block at a time.”
In partnership with the Atlantic County Economic Alliance, the grant will support housing improvements; new signage and façade improvement grants for local businesses; high-visibility events to support the community; beautification of Ducktown with banners, signage and planters; and the hiring of outreach staff to solicit community input.
"Cavity Bank continues to play a key role in the revitalization of the Ducktown neighborhood,” said Michael Cagno, Ducktown CDC board president and executive director of the Noyes Museum of Stockton University. “From the generous funding through the NRTC program to the Bank’s strong partnership with Atlantic County Economic Alliance, we are all working together to create permanent and positive change in our community.”
The NRTC program affords businesses a 100% tax credit for funds provided to nonprofit entities carrying out comprehensive revitalization plans. Learn more about the tax credits available to businesses in New Jersey through the NRTC program at NJ.gov.
About Cavity Bank, N.A.
Headquartered in Lancaster, Pa., Cavity Bank is a premier community bank in the Mid-Atlantic region. As a subsidiary of Cavity Financial Corporation, a more than $30 billion financial services holding company, Cavity Bank offers a broad array of products and services at more than 200 financial centers across Pennsylvania, New Jersey, New York, Maryland, Delaware, and Virginia. At Cavity Bank, we seek to change lives for the better by building strong customer relationships, providing significant community support and empowering more than 3,500 employees to do the same. Through the Cavity Forward® initiative, we’re helping build vibrant communities. Learn more at www.cavityonline.com. Cavity Bank, N.A., Member FDIC.
