The New Jersey Economic Development Authority (NJEDA) Board has approved tax credit awards totaling $93.1 million under the Aspire Program for two significant development projects: a fully affordable residential project in Paterson and a major commercial warehouse in Secaucus.
NJEDA Chief Executive Officer Tim Sullivan noted that the approvals reflect Gov. Phil Murphy’s strategy of strengthening communities and driving inclusive growth by addressing critical financing gaps.
“Through meaningful investments in Paterson and Secaucus, today’s approvals expand access to housing, create good jobs, and build more resilient communities,” Sullivan said. Carroll Street Houses Project in Paterson marks the city’s first-ever approval under the Aspire program.
- Project Details: The project involves the rehabilitation of 88 fully affordable residential rental units across 10 two-story buildings. The rehabilitation includes Project-Based Section 8 contracts for rent subsidies, as well as new kitchens, bathrooms, flooring, and exterior and common area upgrades.
- Affordability & Services: The co-applicant, Rising Dove Carroll Street Houses, LLC (RDCSH), will provide essential services to residents, including housing assistance, employment assistance, computer classes, and case management.
- Award: The project was approved for an award of up to 85 percent of the project cost, not to exceed $36.6 million. The development is also supported by Low-Income Housing Tax Credits (LIHTC) from the New Jersey Housing and Mortgage Finance Agency.
Paterson Mayor Andre Sayegh celebrated the milestone, stating, “This investment will revitalize fully affordable homes, create opportunities for our residents, and provide essential services that strengthen our community. I’m proud that Paterson is taking a leadership role in building resilient, inclusive neighborhoods.”
Meadowlands Logistics Center, LLC was approved for an award of up to 50 percent of the total project cost, not to exceed $56.5 million, for the development of a modern warehouse facility in Secaucus.
- Facility Features: The new warehouse, located at 100 Paterson Plank Road, is planned for uses including logistics, light industrial manufacturing, cold storage, and e-commerce fulfillment. It will feature a 40-foot clear ceiling height, 96 loading docks (with capacity for 89 more), 232 trailer parking spaces, and integrated office space.
- Remediation & Amenities: The property is on the NJDEP’s Known Contaminated Site List, qualifying the development as an eligible warehouse project under Aspire rules due to planned environmental remediation costs exceeding $10 million. Additionally, the project includes community amenities such as a public walking trail, a scenic overlook, expanded sidewalks, and a new bus shelter.
Secaucus Mayor Michael Gonnelli commented on the approval: “This investment will not only create jobs and drive economic growth but also enhance our community with new walking trails and improved public spaces. I’m proud that Secaucus continues to lead the way in developing modern facilities.”
The Aspire Program, established under the New Jersey Economic Recovery Act of 2020 (ERA), is a performance-based program designed to support mixed-use and transit-oriented developments with financing gaps. All residential Aspire projects must include at least 20 percent affordable housing.
