| Photo by Tanya Kukarkina on Unsplash
TRENTON, NJ – Jersey City and Atlantic City will receive tax credit awards under the New Jersey Aspire Program, a state initiative designed to stimulate residential development in New Jersey’s most economically challenged areas.
Administered by the New Jersey Economic Development Authority (NJEDA), it offers tax credits to developers to close financing gaps for transformative real estate projects. It focuses on affordable housing, community revitalization, and mixed-use development.
The two awards, representing a collective investment of more than $143 million, will support the creation or preservation of 537 housing units, including 267 affordable residences, continuing the Aspire Program’s success in furthering catalytic development and expanding affordable housing across the state.
Besides revitalizing downtowns and main streets, expanding access to affordable housing, and supporting long-term economic growth, NJEDA Chief Executive Officer Tim Sullivan said, “the latest approvals under the Aspire Program will create hundreds of affordable housing units, building stronger, more resilient communities that will benefit New Jersey residents for decades to come.”
The proposed development in Jersey City’s Journal Square neighborhood, known as 701 Newark Ave, will consist of a 34-story building with 360 residential units, including 90 affordable units, and nearly 3,000 square feet of ground-floor retail space. The project will also include a pedestrian walkway, called Homestead Place, that will provide improved access to nearby supermarkets, healthcare facilities, the Hudson Pride Center, and the local library. The site offers convenient access to public transportation, including the Journal Square PATH Station and multiple bus routes.
701 Newark Ave LLC was approved for an award of up to 60 percent of the total project cost, not to exceed $89.96 million.
“Over the past decade, we’ve made Jersey City a model for affordable housing by requiring strong inclusionary mandates and delivering thousands of new and affordable units across all six wards. Our commitment is especially evident in Journal Square, where we are driving a historic revitalization to restore its role as the cultural and economic heartbeat of our city,” said Jersey City Mayor Steven M. Fulop. “The NJEDA’s support for 701 Newark Avenue builds on that progress, bringing 90 new affordable homes and vital community connections to the heart of Journal Square.”
Meanwhile, Garden Court Apartments, the proposed development at 1425 McKinley Avenue in Atlantic City, will include the rehabilitation of an existing residential complex to preserve 177 fully affordable rental units across 20 two- and three-story buildings reserved for low- or moderate-income tenants. Gateway Community Action Partnerships, a co-applicant on the project, will connect residents with resources to promote self-sufficiency, including educational and employment opportunities, as well as financial literacy services.
Garden Court AC LLC was approved for an award of up to 85 percent of the project cost, not to exceed $53.3 million.
The Small administration is in full support of this project and is very glad to see it moving forward. We often talk about improving the housing stock in the great City of Atlantic City, and this project further demonstrates that we say what we mean and mean what we say,” said Atlantic City Mayor Marty Small, Sr. “I want to give many kudos to Governor Murphy and the NJEDA for making sure this project happens. It is truly a great day here in the City of Atlantic City.”
Low-Income Housing Tax Credits also support the two projects approved for Aspire awards through the New Jersey Housing and Mortgage Finance Agency.
