The New Jersey Economic Development Authority (NJEDA) Aspire Program has advanced a 34-story, 360-unit – 90 of which will be affordable – Jersey City building with nearly 3,000 square feet of ground-floor retail space at 701 Newark Ave.
By John Heinis/Hudson County View
“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,” NJEDA CEO Tim Sullivan said in a statement.
“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.”
The project will also include a pedestrian walkway, called Homestead Place, that will provide improved access to nearby supermarkets, healthcare facilities, the Hudson Pride Center, and the local library.
The site offers convenient access to public transportation, including the Journal Square PATH Station and multiple bus routes. 701 Newark Ave. was approved for an award of up to 60 percent of total project cost, not to exceed $89.96 million.
“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,” Mayor Steven Fulop said in a statement.
“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.”
The project is also supported by Low-Income Housing Tax Credits through the New Jersey Housing and Mortgage Finance Agency.
Aspire is a place-based economic development program created under the New Jersey Economic Recovery Act of 2020 (ERA) to support mixed-use, transit-oriented development with tax credits to commercial and residential real estate development projects that have financing gaps.
All residential Aspire projects must include at least 20 percent affordable housing.
As a performance-based program, projects must certify that all commitments established at time of approval have been met before receiving their first disbursement of tax credits.
