The state is putting up to $77.4 million in tax credits behind three affordable housing projects in Newark that will create or rehabilitate 274 units.
The N.J. Economic Development Authority board approved the awards Oct. 22 under its Aspire Program, a gap financing tool for commercial, mixed-use and residential projects. The awards will help fund the renovation of an existing apartment complex and the transformation of a former brewery on South Orange Avenue into senior and family housing.
EDA CEO Evan Weiss said the awards support Gov. Mikie Sherrill’s push to speed up housing production across the state.
“Through the Aspire Program, the NJEDA is taking action to boost the Governor’s efforts by supporting the creation of developments that will provide meaningful housing opportunities for seniors and residents,” he said.
Here’s a look at the projects:
Cottage Place Apartments: The 100-unit affordable complex at 125 West Kinney Street will get new kitchens and bathrooms, new windows and roofs and energy-efficient HVAC equipment. The project also includes a supportive services program for tenants. It was approved for up to 60% of eligible project costs, not to exceed $29.6 million. Construction is expected to start in March 2027.
Crown Village, senior housing: The first phase of the brewery redevelopment will bring 105 units for residents 55 and older in two five-story buildings, with parking on the ground floor. A share of the apartments is reserved for residents earning 50% to 60% of the area median income and for people experiencing homelessness. Services will include job training and pre-apprenticeship programs for the construction trades. The phase was approved for up to 60% of eligible costs, not to exceed $27.8 million.
Crown Village, family housing: A separate phase will add a five-story building with 69 one-, two- and three-bedroom units over ground-floor parking. The Newark Housing Authority has committed project-based Section 8 rental assistance. It was approved for up to 60% of eligible costs, not to exceed $20.04 million.
All three projects also are supported by Low-Income Housing Tax Credits through the New Jersey Housing and Mortgage Finance Agency.
Newark Mayor Ras Baraka said the awards line up with the city’s goals.
“We are grateful to Governor Sherrill and the NJEDA for awarding these grants and demonstrating their complete alignment with our city’s mandate to provide quality homes at affordable cost, in the shortest reasonable time, to as many Newarkers as possible,” he said.
Assemblywoman Eliana Pintor Marin (D-Newark), who worked to create the Aspire program, said it was rewarding to see it deliver in Newark.
“Aspire was created with the belief that communities with the greatest needs deserve the same chance for growth,” she said. “After years of work to bring this program to life, seeing it deliver right here in Newark is especially rewarding. These projects will create or preserve 274 affordable homes, including much-needed housing for our seniors, who deserve the stability and dignity of aging in the communities they’ve helped build.”
