The New Jersey Economic Development Authority (NJEDA) Board has approved two residential projects in Jersey City and Atlantic City for tax credit awards through the Aspire Program. The combined investment exceeds $143 million and will result in the creation or preservation of 537 housing units, including 267 affordable residences.
Tim Sullivan, Chief Executive Officer of NJEDA, stated, “Under Governor Phil Murphy’s leadership, New Jersey continues to make meaningful investments into projects that revitalize downtowns and main streets, expand access to affordable housing, and support long-term economic growth. 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.”
In Jersey City’s Journal Square neighborhood, a new development at 701 Newark Ave is planned as a 34-story building with 360 residential units—90 of which are designated as affordable—and nearly 3,000 square feet of retail space on the ground floor. The project also includes a pedestrian walkway named Homestead Place to improve local access to amenities such as supermarkets, healthcare facilities, Hudson Pride Center, and the library. Public transportation options near the site include the Journal Square PATH Station and several bus routes.
The developer for this project, 701 Newark Ave LLC, was approved for tax credits covering up to 60 percent of total project costs with a cap of $89.96 million.
Jersey City Mayor Steven M. Fulop commented on the initiative: “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. 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.”
In Atlantic City, Garden Court Apartments at 1425 McKinley Avenue will undergo rehabilitation to preserve 177 fully affordable rental units within twenty buildings reserved for low- or moderate-income tenants. Gateway Community Action Partnerships will assist residents by connecting them with resources related to education, employment opportunities, and financial literacy.
Garden Court AC LLC received approval for an award covering up to 85 percent of project costs with a limit set at $53.3 million.
Atlantic City Mayor Marty Small Sr. said: “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. 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.”
Both developments also benefit from Low-Income Housing Tax Credits provided by the New Jersey Housing and Mortgage Finance Agency.
The Aspire Program was established under the New Jersey Economic Recovery Act of 2020 (ERA) as an economic development tool supporting mixed-use or transit-oriented projects with tax credits aimed at closing financing gaps for commercial or residential real estate developments. Residential projects under Aspire must allocate at least one-fifth of their units as affordable housing. Before receiving any disbursement from this performance-based program, developers must certify fulfillment of all commitments made during approval.
