The New Jersey Economic Development Authority (NJEDA) Board has sanctioned Aspire tax credits for two housing developments in Newark and Woodbridge, US.
These initiatives are set to deliver a combined total of 538 housing units, with 107 earmarked as affordable, representing an investment exceeding $310.6m.
Aspire, a programme under the New Jersey Economic Recovery Act of 2020, aims to bridge financing gaps in mixed-use, transit-oriented developments through tax credits.
It mandates that residential projects include a minimum of 20% affordable housing.
In Newark, Boraie Development's project at 930 McCarter Highway, opposite the New Jersey Performing Arts Center, is underway.
The development involves constructing a 25-storey mixed-income residential building featuring 333 units spanning 451,063ft², with 265 market rate units and 68 affordable units.
Located on a 1.1-acre site, the project will also include 3,124ft² of commercial space, structured parking across four storeys with 240 parking spaces for resident use, and various amenities.
Elizabeth Development, a non-profit co-applicant, will contribute to the project's social welfare objectives.
The project has secured Aspire tax credits covering 60% of the costs, capped at $90m.
It is further supported by Low-Income Housing Tax Credits through the New Jersey Housing and Mortgage Finance Agency.
Aspire tax credits for this development are set at 50% of total costs, with a maximum of $113.65m for the entire project and up to $60m for each phase.
