Last week, the New Jersey Economic Development Authority (NJEDA) Board approved an Aspire tax credit award for an affordable housing development project in Atlantic County. Located in Somers Point, Oasis at Greate Bay is set to create 43 rental units, including five for special needs residents.
“Under Governor Murphy’s leadership, the Aspire Program has supported affordable and mixed-income residential developments in communities across the state, helping expand affordable housing options for countless New Jerseyans,” said NJEDA Chief Executive Officer Tim Sullivan. “The Oasis at Greate Bay development will serve as an economic engine for both Somers Point and Atlantic County, broadening the tax base and providing high-quality, accessible residences for generations to come.”
Constructed on a vacant site along Mays Landing Road, Oasis at Greate Bay will be made up of one-, two-, and three-bedroom apartments that will be located within two separate three-story buildings. Forty-two units will be designated affordable for persons making 60 percent or less of county area median income. All the units will include central air, washer, dryer, and new kitchen appliances. The property will also feature pedestrian walkways, two trash and recycling enclosures, open space and landscaped buffers, a community room, fitness room, bike racks, and on-site management offices.
Oasis at Greate Bay was approved for up to 60 percent of the total project cost, not to exceed $11.5 million. The project is also supported by Low-Income Housing Tax Credits through the New Jersey Housing and Mortgage Finance Agency.
Aspire is a place-based economic development program created under the New Jersey Economic Recovery Act of 2020 (ERA) to support mixed-use, transit-oriented development with tax credits to commercial and residential real estate development projects that have financing gaps. All residential Aspire projects must include at least 20 percent affordable housing. As a performance-based program, projects must certify that all commitments established at time of approval have been met before receiving their first disbursement of tax credits.
