NJEDA Aspire Program Advances Affordable Residential Projects in Newark

Tax credits for Cottage Place and Crown Village developments will support the creation and rehabilitation of 274 housing units

TRENTON, N.J. (October 23, 2026) – Yesterday, the New Jersey Economic Development Authority (NJEDA) Board approved three awards under the Aspire Program to support affordable residential development projects in Newark. The Cottage Place and Crown Village projects will create or rehabilitate 274 housing units and provide supportive services for residents, supporting Governor Mikie Sherrill’s efforts to expand affordable housing and unlock equitable economic opportunities for New Jersey residents.

“At this year’s Governor’s Conference on Housing and Economic Development, Governor Sherrill laid out a bold plan to tackle housing affordability, bring down costs, and accelerate housing production across the state,” said NJEDA Chief Executive Officer Evan Weiss. “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.”

“NJEDA stands strong yet again to support stability for Newark residents through safe, comfortable, affordable housing. These funds, earmarked for new construction, renovations, and built-in social services will improve the lives of our respected elders and our most vulnerable individuals and families,” said Newark Mayor Ras J. Baraka. “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.”

The Cottage Place Apartments complex, located at 125 West Kinney Street, will undergo a significant rehabilitation to update the 100 affordable units, including a comprehensive upgrade to apartment kitchens and bathrooms, new windows and roofs, and upgraded energy-efficient HVAC equipment. The project includes the design and implementation of a supportive services program to provide ongoing promotion of housing stability, economic mobility, and community well-being for tenants.

The project was approved for an award of up to 60% of eligible project costs, not to exceed $29.6 million. Construction is expected to commence in March 2027

The Crown Village Project will redevelop a former brewery on South Orange Avenue into a multi-building residential development complex. One phase of the project will consist of 105 units for seniors aged 55 or older within two five-story buildings, with level one of each building designated for onsite parking and a section of apartments reserved for residents between the 50% and 60% Area Median Income range and individuals experiencing homelessness. Support services will include assistance with job training and community outreach activities, which also includes pre-apprenticeship programs for the construction trades.

A separate Aspire award was also approved for an additional phase of the Crown Village Project development focused on family housing, which will include a five-story building. Level one of the building will be designated for onsite parking, with the other levels consisting of 69 one-bedroom, two-bedroom and three-bedroom units. The Newark Housing Authority has committed to providing project-based Section 8 rental assistance to the project units, with additional apartments available for low-income and individuals experiencing homelessness. Tenants will benefit from supportive services that directly affect and serve the residents of the community, including job training and community outreach.

The senior housing component of the Crown Village Project was approved for an award of up to 60% of the eligible project costs, not to exceed $27.8 million. The family housing component was approved for an award of up to 60% of the eligible project costs, not to exceed $20.04 million. All three projects approved for Aspire awards are also supported by Low-Income Housing Tax Credits through the New Jersey Housing and Mortgage Finance Agency.

“Every family and senior in Newark deserves a safe, affordable place to call home,” said Senate Majority Leader M. Teresa Ruiz. “These investments reflect the unique needs of our community, taking a thoughtful, tailored approach to creating housing for residents across income levels and circumstances, while providing updated homes, supportive services, and job training. I thank Governor Sherrill and the NJEDA for their commitment to Newark,”

“Affordable housing is essential to keeping our communities strong and ensuring families and seniors have a safe place to call home,” said Senator Renee C. Burgess. “These investments in Newark will help improve existing housing, create new opportunities for residents, and strengthen our neighborhoods. I appreciate NJEDA’s continued commitment to our communities.”

“Aspire was created with the belief that communities with the greatest needs deserve the same chance for growth,” said Assemblywoman Eliana Pintor Marin. “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.”

“Newark residents, including families as well as vulnerable populations like our seniors deserve housing that is safe, affordable, and dignified,” said Assemblywoman Shanique Speight. “These investments revitalize a vacant brewery site into brand-new homes, upgrade existing apartments with energy-efficient features, and offer job training and support services to help our community thrive. We commend the NJEDA for investing in our city.” 

Aspire is a gap financing tool to support commercial, mixed-use, and residential real estate development projects. For more information, please visit here.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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