Union City will build 101 units of affordable housing thanks to NJEDA’s Aspire Program

The City of Union City will be able to build 101 units of affordable housing thanks to the New Jersey Economic Development Authority’s (NJEDA) Aspire Program.

By John Heinis/Hudson County View

The City of Newark also received 69 units of affordable housing from the NJEDA through Aspire.

“Through the Aspire Program, the NJEDA is investing in communities, uplifting families, and expanding access to affordable, quality housing to meet Governor Murphy’s goal of creating a stronger, fairer New Jersey,” NJEDA Chief Executive Officer Tim Sullivan said in a statement.

“The affordable, mixed-use projects that were approved today will help transform neighborhoods in Newark and Union City, and provide new, prime housing options for each cities’ senior residents.”

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 in communities across the state that have financing gaps.

All residential Aspire projects must include 20 percent affordable housing.

All 170 units that will be supported by these approvals today are designated as affordable and are also benefitting from financing provided by the New Jersey Housing and Mortgage Finance Agency’s Low Income Housing Tax Credit program.

“When we created the Aspire Program it was with the intention of facilitating greater investment in our communities. This project will do just that, developing affordable housing for our seniors, with vital wraparound services on site,” noted Senate Majority Leader Teresa Ruiz (D-29).

“As we face housing shortages and rising rents, projects like this are critical to uplifting our communities and ensuring older residents have suitable places to live within their budgets.”

The six-story Union City building, which will include one- and two-bedroom units, will be located at 720 8th St, which is between Summit and Central Avenues and will replace a surface parking lot.

There will be two levels of garage parking and the ground level will consist of two retail spaces.

“The people of Union City and myself are grateful to the NJEDA and welcome the development of affordable senior housing within our community,” declared state Senator(D-33)/Union City Mayor Brian Stack.

“With the current affordability crisis, it is fundamental that we continue to assist and support our senior populations, and this project will not only expand access to affordable housing, but it will also provide our elderly residents with various physical and mental health resources and services.”

This isn’t the first major Hudson County project the NJEDA assisted with, with their board approving $42.7M in tax credits for renovations of Jersey City’s Loew’s Theatre back in October.