The New Jersey Economic Development Authority (NJEDA) Board has approved Aspire tax credit awards for two residential development projects in Camden and Trenton. This decision was made during the board's December meeting, marking a significant year for the Aspire program. Throughout 2024, the program supported 11 residential projects, creating 2,078 housing units, with 710 designated as affordable. The program has provided over $2.5 billion in total awards to support developments across New Jersey.
"The Aspire Program is a key element of Governor Phil Murphy’s strategy for a stronger and more equitable economy," stated NJEDA Chief Executive Officer Tim Sullivan. "The developments approved yesterday and throughout the year will help drive long-term growth and prosperity across the state by providing high-quality, affordable housing, as well as critical health care and social services for families and seniors."
In Camden, the mixed-use project known as Parkside Place I and II will include residential units, retail space, and a Federally Qualified Health Center (FQHC). This development aims to replace blighted properties along Haddon Avenue with new buildings. Parkside Place I will feature 24 affordable residential units and an FQHC operated by Osborn Family Health Center (OFHC), offering various health services. Parkside Place II will provide six affordable housing units with retail and office space on the ground floor.
Parkside Camden Urban Renewal, LLC received approval for up to 60 percent of the total project cost, capped at $17.7 million. The project also benefits from NJHMFA Low-Income Housing Tax Credits.
"Thanks to Governor Phil Murphy’s leadership, Aspire tax credits are having a tangible and beneficial impact on the State’s urban communities," said Camden Mayor Victor G. Carstarphen. "In the City of Camden, residents benefit not only from the creation of new quality housing units but also from improved access to healthcare services."
In Trenton, OAHS Brunswick TC LLC plans to renovate eight existing affordable apartment buildings known as Brunswick Village. These buildings include 110 units with some designed for accessibility under the Americans with Disabilities Act. Residents will have access to programs like financial literacy courses.
OAHS Brunswick TC LLC was approved for up to 51 percent of the total project cost, not exceeding $22.76 million. The project is supported by Low-Income Housing Tax Credits through NJHMFA.
"I am thrilled to hear that the Brunswick Village rehabilitation project is moving forward with the support of Aspire tax credits," expressed Mayor W. Reed Gusciora of Trenton.
Aspire is part of New Jersey's Economic Recovery Act of 2020 (ERA), focusing on mixed-use development with tax credits for projects facing financing gaps while ensuring at least 20 percent affordable housing in residential projects.
