ERA Archives

New approvals under Aspire and HPRP programs will support five redevelopment projects in Essex, Mercer, and Middlesex counties

TRENTON, N.J. (September 19, 2025) – Last week, the New Jersey Economic Development Authority (NJEDA) Board approved five redevelopment projects for tax credit awards under the Aspire Program and the Historic Property Reinvestment Program (HPRP). The five projects, located throughout Essex, Mercer, and Middlesex counties, will create more than 1,146 housing units, 544 of which will be affordable.

“A key pillar in Governor Phil Murphy’s mission for a stronger and fairer New Jersey includes investing in initiatives that revitalize communities, expand housing options, and promote sustained economic growth,” said NJEDA Chief Executive Officer Tim Sullivan. “The redevelopment projects approved by the Board will create hundreds of new, affordable housing units, building upon the success and impact the Aspire and HPRP programs have already had in neighborhoods across the Garden State. These are meaningful investments that will build stronger communities and families for years to come.”

The Board approved a combined $24 million in HPRP tax credits to support two projects in Newark. HPRP is a tax credit program established to support rehabilitation projects of identified historic properties in New Jersey, which can be used to leverage the federal historic tax credit program.

QOZB Ellavoz Newark Urban Renewal, LLC was awarded $12 million in tax credits for the complete rehabilitation of 292-306 Martin Luther King Jr. Boulevard in Newark, which was formerly known as St. Michael’s Hospital. The building will include co-living apartments, where individuals can rent private bedrooms while sharing communal spaces, such as a living room and kitchen. The property, which will be marketed towards university students, young professionals, and health care workers, will have 42 co-living residential units with a total of 144 bedrooms. Eight of those units are set aside for affordable housing. The project will also offer a full amenity package that includes interior and exterior lounge space, a fitness room, and a large multi-purpose room with work and gathering space. There will also be commercial and retail space on the first floor.

10 Park Place, also known as the Firemen’s Insurance Company Building in Newark, will undergo an office-to-residential conversion with the support of $12 million in HPRP tax credits, as well as $81 million in Aspire tax credits. The 10-story building, located adjacent to the New Jersey Performing Arts Center (NJPAC), will be turned into a mixed-use building with 196 affordable housing units and commercial retail space on the first floor. The project also includes a complete cleaning and repair of all exterior masonry, as well as new heating, ventilation, and air conditioning (HVAC), electrical, and plumbing systems.

The HPRP’s focus is historic preservation as a component of community development, aiming to attract long-term private investment into New Jersey while preserving properties that have historic value. The revitalization of historic structures will help to bring these often-underutilized properties back to productive use, thereby reducing the need for new development at these locations. Created under the New Jersey Economic Recovery Act of 2020 (ERA), the HPRP is designed to work in conjunction with the Federal Historic Tax Credit Program and is subject to an annual program cap of $50 million, with annual unused amounts included in the amounts available for approval in the subsequent year. Full details on the program are available here.

In addition to 10 Park Place, the Board approved Aspire awards for projects in East Orange, Trenton, and New Brunswick. Aspire is a gap financing tool to support commercial, mixed use, and residential real estate development projects.

533 Main Street, LLC was awarded more than $297 million in tax credits for a multi-phased, transit-oriented project that entails the new construction of a mixed-income development in East Orange. Located at 533 Main Street, The Crossings at Brick Church Station Phase 1B will be a nine-story building with 420 multifamily rental units, including 84 affordable housing units and 63 workforce housing units. The property will have a common area for residents, as well as retail, restaurant, office, and medical space, and 342 parking spaces. The project is located within an Urban Enterprise Zone (UEZ) and an Opportunity Zone. The Project will also comply with the Energy Star Homes Program included in the New Jersey Housing and Mortgage Financing Agency’s (NJHMFA) Green Standard Requirements, which satisfies NJEDA Green Building Standards. The project is also supported by Low-Income Housing Tax Credits (LIHTC) through the NJHMFA.

Rowan Preservation, LLC was awarded more than $66 million in tax credits for the rehabilitation of an existing residential project in Trenton. Located at 620 West State Street, Rowan Towers will include 196 units, all of which will receive Project-Based Vouchers, consisting of studios, one-bedroom, and two-bedroom apartments. The 15-story building will undergo extensive renovations, including new plumbing, the installation of fire sprinklers and emergency generators, solar panel integration, and HVAC systems in each unit. The units will also be outfitted with new kitchens and bathrooms, vinyl plank flooring, and modern plumbing and lighting fixtures. The building will also include common areas, which will have amenities such as a community room, kitchen space, a reading room and library, restrooms, a laundry facility, a fitness center, a theater and television room, and a vending area. Outdoor recreational spaces, including the basketball court and playground, will also be improved. The Project will also comply with the Energy Star Homes Program included in the NJHMFA Green Standard Requirements, which satisfies NJEDA Green Building Standards. This project is also supported by LIHTC tax credits through the NJHMFA.

11 Spring Street Urban Renewal, LLC was awarded $120 million in tax credits for the new construction of a residential, mixed-use project, located at 11 Spring Street in New Brunswick. The 27-story high rise will have 186 one-bedroom, 102 two-bedroom, and 12 three-bedroom units. Of the 300 units, 20 percent will be set aside for affordable housing.

Aspire is a place-based economic development program created under the 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.

“Once again, the NJEDA delivers the assistance Newark needs to provide our residents the affordable housing opportunities so desperately sought throughout the entire state,” said Ras J. Baraka, Mayor of Newark. “The Aspire Program and HPRP tax credits dovetail with our self-determined mandate to build sustainably and enable adaptive reuse of historic buildings to preserve the city’s chronology, character and culture. We are grateful for this opportunity to infuse the bones of old buildings with the lifeblood of tomorrow and to create dynamic housing ecosystems from landmarks steeped in our history.”

“Rowan Towers has long been home to hundreds of Trenton residents, and this investment ensures that they will see real improvements to their quality of life,” said Reed Gusciora, Mayor of Trenton. “The planned upgrades—from safer infrastructure to new community amenities—will bring renewed vitality to this cornerstone of our city. We are grateful to Governor Murphy, the NJEDA, and all of our partners for recognizing the merit of this effort and helping us continue to build a stronger, more vibrant Trenton.”

“The 11 Spring Street development marks another significant step forward in New Brunswick’s revitalization,” said Jim Cahill, Mayor of New Brunswick. “By bringing additional housing opportunities, including affordable units, into the heart of our City, we are strengthening and enriching our vibrant downtown district and all that it has to offer.”

“Our city stands at a pivotal moment, a chance to honor our past and build our future. It’s not just about bricks and mortar; it’s about building a legacy. We’re weaving together our history and herstory to forge a new destiny for East Orange,” said Mayor Ted R. Green. “These projects aren’t just buildings; they are beacons that will inspire our youth and drive our community forward. We’re doing this with compassion for every neighbor, with the authenticity of who we are, and with the knowledge that our collective strength will make a significant difference in the lives of others”

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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Aspire tax credits will support the creation or preservation of 500 housing units, including 267 affordable units

TRENTON, N.J. (September 3, 2025) – The New Jersey Economic Development Authority (NJEDA) Board recently approved residential projects in Jersey City and Atlantic City for tax credit awards under the Aspire Program. The two awards, representing a collective investment of more than $143 million, will support the creation or preservation of 537 housing units, including 267 affordable residences, continuing the Aspire Program’s success in furthering catalytic development and expanding affordable housing across the state.

“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,” said NJEDA Chief Executive Officer Tim Sullivan. “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 proposed development in Jersey City’s Journal Square neighborhood, known as 701 Newark Ave, will consist of a 34-story building with 360 residential units, including 90 affordable units, and nearly 3,000 square feet of ground-floor retail space. 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 LLC 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. 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,” said Jersey City Mayor Steven M. Fulop. “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.”

Garden Court Apartments, the proposed development at 1425 McKinley Avenue in Atlantic City, will include the rehabilitation of an existing residential complex to preserve 177 fully affordable rental units across 20 two- and three-story buildings reserved for low- or moderate-income tenants. Gateway Community Action Partnerships, a co-applicant on the project, will connect residents with resources to promote self-sufficiency, including education and employment opportunities and financial literacy services.

Garden Court AC LLC was approved for an award of up to 85 percent of the project cost, not to exceed $53.3 million.

“The Small administration is in full support of this project and is very glad to see it moving forward. We often talk about improving the housing stock in the great City of Atlantic City, and this project further demonstrates that we say what we mean and mean what we say,” said Atlantic City Mayor Marty Small, Sr. “I want to give many kudos to Governor Murphy and the NJEDA for making sure this project happens. It is truly a great day here in the City of Atlantic City.”

The two projects approved for Aspire awards are 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.

About the NJEDA

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Auctions will support Food Desert Relief efforts and Innovation Evergreen Fund

TRENTON, N.J. (July 24, 2025) – The New Jersey Economic Development Authority (NJEDA) will open applications for the Food Desert Relief Tax Credit Auction and the New Jersey Innovation Evergreen Fund Tax Credit Auction. The proceeds from the Food Desert Relief Tax Credit Auction will fund programs that increase access to healthy and affordable food in the state’s 50 Food Desert Communities (FDCs). The New Jersey Innovation Evergreen Fund Tax Credit Auction will support the Authority’s co-investments into NJ-based innovative high-growth businesses through the New Jersey Innovation Evergreen Fund (NJIEF).

WHAT: Up to $10 million in tax credits will be up for sale through the Food Desert Relief Tax Credit Auction and proceeds will fund programs that advance the priorities established by the Food Desert Relief Act. These future grants, loans, and/or technical assistance initiatives will complement the Food Desert Relief Tax Credit Program, a tax credit program to support the development and operation of new supermarkets in FDCs, by supporting other entities involved in strengthening food security, including smaller retailers and nonprofits.

The New Jersey Innovation Evergreen Fund Tax Credit Auction will sell up to $50 million in tax credits to fuel the NJIEF. Under the NJIEF, the State will become an equity investor in startups deploying up to $600 million into companies alongside professional venture capital firms. This strategic investment will not only support New Jersey’s entrepreneurs, but will also ensure that more companies start, grow, and stay in state. The funds raised from the auction will later be matched by professional venture capital firms and invested into high-growth, early-stage businesses across the Garden State.

WHO: New Jersey Corporate Tax Payers or Insurance Companies that want to reduce their New Jersey 2025 tax liability and support the State’s economic development efforts. Companies do not need to be in a food desert, in the food industry, or in the innovation space to buy tax credits through the auctions. Companies can bid for tax credits at a discount of up to 15 to 25 percent through the Food Desert Relief Tax Credit Auction and New Jersey Innovation Evergreen Fund Tax Credit Auction, respectively.

WHEN: Applications for both auctions will open on September 2, 2025, at 10:00 a.m. and close on October 3, 2025, at 5:00 p.m. Applications for the Food Desert Relief Tax Credit Auction can be found here. Applications for the New Jersey Innovation Evergreen Fund Tax Credit Auction can be found here.

An informational webinar that will provide an overview of both auctions will be held on Thursday, July 31, 2025, at 12:00 p.m. For more information and to register for the webinar, click here.

About the NJEDA

State-of-the-art production studio campus at Fort Monmouth expected to create thousands of local jobs

TRENTON, N.J. (December 19, 2024) – The New Jersey Economic Development Authority (NJEDA) Board today approved Aspire tax credits for the Netflix Studio at Fort Monmouth. The studio will serve as Netflix’s flagship production location on the East Coast, which will redevelop the vacant Fort Monmouth campus and bring new, good-paying jobs to the area.

“With Netflix leading the way, the creation of new, world-class studios has solidified New Jersey’s standing as a national leader in film and television production,” said Governor Phil Murphy. “The approval made by the NJEDA Board today will help create thousands of good-paying jobs, support small businesses and vendors, and stimulate the regional economy.”

Netflix Studio is considered a transformative project under the Aspire Program and was approved for an award not to exceed $387 million. The studio campus will be over one million square feet and sit on a 292-acre parcel at Fort Monmouth. The state-of-the-art production studio campus will include 12 soundstages, backlot areas, an office building, and other production support facilities. Netflix plans to open the full facility in 2028.

“Under Governor Murphy’s leadership, the film industry is growing in New Jersey, exemplified by Netflix’s commitment to build a major, world-class studio at Fort Monmouth,” said NJEDA Chief Executive Officer Tim Sullivan. “The Aspire Program will ensure the continued development of this transformative project, which will bring good-paying union construction and permanent jobs. The Netflix Studio will prove to be an economic gamechanger for the residents and small businesses of Monmouth County.”

Earlier this year, the NJEDA Board designated Netflix as a Studio Partner, allowing the media company to access expanded benefits under the state’s Film and Digital Media Tax Credit program. Under the designation agreement, Netflix commits to occupy a New Jersey film production facility for at least 10 years and is potentially eligible for a 40 percent base tax credit for qualified production expenses on future New Jersey film projects.

“We are grateful to receive support from Governor Murphy, the local officials in Oceanport and Eatontown, and the NJEDA to help build Netflix Studios at Fort Monmouth,” said Ted Sarandos, co-CEO of Netflix. “This new studio will catalyze job creation and economic growth, contributing to a vibrant production ecosystem in New Jersey.”

Founded in 1997, Netflix is one of the world’s leading entertainment services, offering subscription video-on-demand and over-the-top streaming services for movies, television shows, and games. In 2013, Netflix established its original content division and has since filmed several productions in New Jersey, such as The Irishman, The Perfect Find, and The Watcher.

“The film industry is thriving across New Jersey, and Netflix’s commitment to building a first-rate studio in Monmouth County highlights our state’s growing prominence in this field,” said Senator Vin Gopal. “This project will prove to have a significant impact on our local economy by helping to create jobs, support small businesses, and revitalize communities. I am grateful for the leadership of Governor Murphy and the NJEDA in fostering this growth and look forward to working with Netflix, as well as our local and state partners to help continue the development of this major studio.”

“I’m excited to see the amazing progress of the Netflix Fort Monmouth project over the last few weeks,” said Senator Declan O’Scanlon. “The Oceanport & Eatontown Planning Board approvals, followed by today’s award of Aspire tax credits, clears the path for this regionally transformative project to move forward. Local land use and State tax policy, impact business decisions and I’m thrilled to see all pulling in the same direction.”

“For several generations, Oceanport’s identity was tied to Fort Monmouth and Monmouth Park Racetrack. Monmouth Park came close to closing in 2012 and Fort Monmouth actually closed in 2010. Thanks to the hard work, meticulous planning and visionary land use projections of the NJEDA and FMERA, Oceanport’s identity for generations to come will be tied to Monmouth Park Racetrack and Netflix,” said Oceanport Mayor Thomas Tvrdik. “That Oceanport, Eatontown, and Monmouth County will serve as the East Coast hub of the world’s pre-eminent and most recognized creator of entertainment when this billion dollar build out is completed is nothing short of remarkable. Oceanport is very excited to welcome Netflix into our community and we stand ready, willing, and able to ensure that the final part of Fort Monmouth’s transformation from a closed off military facility to a mixed use site that is part and parcel of the Oceanport community is a quick and successful one.”

“The Borough of Eatontown is excited to enter the next phase of the Netflix project. We are grateful for the opportunity to work collaboratively with Mayor Tvrdik in Oceanport and the FMERA team led by Kara Kopach,” said Eatontown Mayor Anthony Talerico, Jr. “While nothing can replace the emotional and sentimental loss from the closure of Fort Monmouth, we are happy that vibrant new life will be brought to the area in such a large and innovative project.”

This is the second production studio approved for Aspire tax credits this year. In June, the NJEDA Board approved 1888 Studios for tax credits under the Aspire Program. The studio, developed by Togus Urban Renewal, will be the largest and first campus-style film and television studio facility in the Northeast, and will occupy 58 acres of land just minutes from New York City.

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. 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. Netflix Studios is the third transformative project approved under the new Aspire rules, which the NJEDA adopted in November 2023.

In line with Governor Murphy’s and the NJEDA’s commitment to fiscal responsibility and transparency, the Aspire program rules include provisions, such as a gap financing review and excess revenue sharing requirements, to ensure tax credits are awarded responsibly. The Aspire program application, as well as complete rules, eligibility requirements, award sizes, and other information, can be found here.

About the NJEDA

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TRENTON, N.J. (November 17, 2023)– The New Jersey Economic Development Authority’s (NJEDA) Board yesterday approved the adoption of new rules for the Aspire Program aimed to spur development and increase affordable housing in communities across the state. The rule changes include increased per project caps, expanded eligibility for transformative projects, and increased affordability controls for residential units. The Aspire Program is a gap financing tool to support commercial, mixed-use, and residential real estate development projects.

“Since launching, the Aspire Program has supported innovative commercial projects like HELIX and affordable and mixed-income residential developments in downtowns across the state, including in Newark and Trenton,” said NJEDA Chief Executive Officer Tim Sullivan. “The adoption of these new rules will allow the NJEDA to support even more transformative, mixed-use, transit-oriented development which will help revitalize communities and strengthen our economy. Importantly, the rules will strengthen affordable housing, increasing access to hardworking New Jersey families.”

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. In July, Governor Phil Murphy signed an update to the Aspire legislation in response to changing economic conditions making the program more accessible and able to support more projects that will create jobs and housing across the state.

To date, the NJEDA Board has approved 10 projects for over $500 million in Aspire awards, representing over 500,000 square feet of commercial space, 490 income-restricted units, and 1,040 market-rate units.

The new rules approved by the board include:

Increased Project Awards

In response to spiking inflation, supply chain disruptions and rising interest rates, the new legislation increased caps per project according to the following schedule:

80 percent of eligible costs up to $120 million for Atlantic City, Trenton, and Paterson
60 percent of eligible costs up to $90 million for four percent Low-Income Housing Tax Credit projects, projects in a qualified incentive tract, municipality with an Municipal Revitalization Index score over 50, or an enhanced area
50 percent of eligible costs up to $60 million for all other eligible projects
Transformative project caps are subject to the above percentages with a dollar cap of $400 million

Transformative Projects
Transformative projects must demonstrate special economic importance to New Jersey and leverage the state’s mass transit assets, higher education assets, and other economic development assets to attract or retain employers and skilled workers or in targeted industries by providing employment or housing. Transformative projects must meet the following criteria:

Minimum project costs increased from $100 million to $150 million
Minimum commercial project size remains 500,000 square feet or
- 300,000 square feet in an enhanced area
- 200,000 square feet in Atlantic City, Paterson, or Trenton
- 250,000 square feet for film production studios
Minimum residential project size of 700 newly constructed units
Minimum mixed-use project of 50,000 square feet plus
- 200 residential units in Atlantic City, Paterson, or Trenton
- 300 residential units in an enhanced area
- 400 residential units in other eligible locations

Affordability Controls
For a project that includes newly constructed residential units, at least 20 percent of the units must be reserved for low- and moderate-income households. These income-restricted units will include a minimum number of three-bedroom units and a maximum number of studios and one-bedrooms ensuring more options for families. They also include more units for very low-income and low-income households with the remainder for moderate-income.

In line with Governor Murphy and the NJEDA’s commitment to fiscal responsibility and transparency, the Aspire program rules include provisions, such as a gap financing review and excess revenue sharing requirements, to ensure tax credits are awarded responsibly.

The Aspire program application, as well as complete rules, eligibility requirements, award sizes, and other information can be found here.

About the New Jersey Economic Development Authority

To learn more about NJEDA resources for businesses call NJEDA Customer Care at 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram and LinkedIn.
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TRENTON, N.J. (November 6, 2023) – The New Jersey Economic Development Authority (NJEDA) will open applications for the next round of funding for the Historic Property Reinvestment Program (HPRP) on Wednesday, November 29^th. The HPRP aims to incentivize community development and private investment through the preservation of historic properties throughout New Jersey.

WHAT: Created under the New Jersey Economic Recovery Act of 2020, the HPRP is designed to work in conjunction with the Federal Historic Tax Credit Program to bolster long-term private investments focused on the rehabilitation of identified historic properties. The Program aims to support work that contributes to the transformation of underutilized historic properties into productive assets and attracts people and private investment to New Jersey communities.

WHEN: Applications for Regular and Transformative projects will open at 10 a.m. on Wednesday, November 29^th and will close at 2 p.m. on Thursday, February 29^th. Eligibility requirements and further information on the HPRP, including a link to the application, can be found here.

About the NJEDA

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This marks the third project in Newark approved for Aspire awards

TRENTON, N.J. (September 13, 2023) – The New Jersey Economic Development Authority (NJEDA) Board approved tax credits for an additional residential project in Newark under its Aspire Program. The new, mixed-use building was approved for up to $90 million in tax credits, which represents 60 percent of eligible project costs of $150 million. The 14-story building will be located at 81-93 Orange Street in Newark across the street from New Jersey Transit’s Broad Street Station.

To date, the Board has now approved a total of $273.9 million in Aspire awards for residential projects, creating 1,368 housing units – 898, or 60 percent, of which will be affordable. In Newark, three residential projects have been approved for Aspire awards, creating 626 units, of which 206 will be affordable.

“The Aspire Program aims to expand housing options, increase affordability, and create stronger communities,” said NJEDA Chief Executive Officer Tim Sullivan. “Transit-oriented development is an integral part of Governor Murphy’s mission to revitalize neighborhoods and is a key focus of the Aspire Program. The proximity of today’s project to NJ TRANSIT’s Broad Street Station and the city’s downtown makes it ideal for families, commuters, and students and will help create a more prosperous Newark.”

“When we created the Aspire Program it was with the intention of facilitating greater investment in our communities and breathing new life into underutilized spaces,” said Senate Majority Leader Teresa Ruiz (D-Essex). “This project will do just that, taking a parking lot and using it to spur economic development. The site will still offer parking, but will also help with housing shortages, providing market rate and affordable units, in addition to retail space, all within walking distance to a major transit station.”

The 14-story high-rise, which will replace a surface parking lot, will be comprised of 350 residential units, 8,500 square feet of retail space, and a commercial parking garage. The units will be a mix of studio, one-, two-, and three-bedroom units. Seventy units will be reserved as affordable units, while the remaining will be market rate.

Residents of 81-93 Orange Street will be able to enjoy a pool, health club, spa, work from home space, and electric vehicle charging stations. The project is strategically located across the street from Newark’s Broad Street Station, giving residents access to NJ TRANSIT train and bus service and the Newark Light Rail.

“This Aspire award helps realize Newark’s Transit Village strategy for building mixed-use developments combining high quality affordable and market housing with retail and commercial space. The Broad Street Station will anchor a vibrant neighborhood and vital transportation hub,” said Newark Mayor Ras J. Baraka. “This is the kind of project that helps realize the dreams of residents to remain in the city they love, and improve their quality of life. The New Jersey Economic Development Authority’s $90 million in tax credits is critical to making this development affordable to Newark residents. All of Newark is grateful for NJEDA’s commitment to our city’s well-being and growth.”

In line with Governor Murphy and the NJEDA’s commitment to fiscal responsibility and transparency, the Aspire program rules include provisions, such as a gap financing review and excess revenue sharing requirements, to ensure tax credits are awarded responsibly.

The Aspire program application, as well as complete rules, eligibility requirements, award sizes, and other information can be found here.

About the NJEDA

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Tax credit auction will support programs to alleviate food deserts and make nutritious foods more accessible & affordable

TRENTON, N.J. (August 17, 2023) – The New Jersey Economic Development Authority (NJEDA) will auction up to $10 million in corporate and insurance premiums tax credits through the Food Desert Relief Tax Credit Auction beginning on September 18. The proceeds of the auction will fund programs aimed to improve and increase access to healthy and affordable food throughout New Jersey’s 50 Food Desert Communities (FDCs). The tax credit auction was approved by the NJEDA Board in April.

Eligible bidders must be New Jersey Corporation Business Tax or Insurance Premiums Tax filers. Companies can bid for tax credits at a discount of up to 15 percent. The application for the auction will open on September 18 at 10:00 a.m. and close on October 18 at 5:00 p.m. A sample application and details about the auction process can be found here. Questions may be submitted to FDRTCAuction@NJEDA.gov until Tuesday, September 5 at 5:00 pm. Answers will be posted no later than Monday, September 11 at 5:00 pm.

“The NJEDA is committed to fighting food insecurity and this tax credit auction will help raise funds for programs that will help ensure fresh, healthy, and affordable food is accessible and available in every community across the state,” said NJEDA Chief Executive Officer Tim Sullivan. “Every New Jerseyan deserves access to high-quality food options, no matter their zip code. Governor Phil Murphy and the Legislature have long been committed to combatting food insecurity, while uplifting families and neighborhoods.”

In April, the Board approved proposed rules for the $240 million Food Desert Relief Tax Credit Program, as well as the auction of up to $50 million of the $240 million in tax credits in 2023. Proceeds from the auction will be used to fund programs that will advance the priorities established by the Food Desert Relief Act (FDRA). These future grants, loans, and technical assistance initiatives will complement the Food Desert Relief Tax Credit Program, a tax credit program to support development and operation of new supermarkets in FDCs, by supporting small and mid-sized food retailers and other entities involved in strengthening food security.

The FDRA was established under the New Jersey Economic Recovery Act (ERA) of 2020. The programs created under the FDRA are part of the NJEDA’s broader portfolio of work focused on food security, including the Food Security Planning Grant, Sustain & Serve NJ, and the Food Retail Innovation in Delivery Grant (FRIDG). Learn more here.

About the NJEDA

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Approved Firms Can Leverage Up to $12.5M Annually to Invest in NJ-Based Companies

TRENTON, N.J. (July 27, 2023) – The New Jersey Economic Development Authority (NJEDA) Board yesterday approved adding four venture capital firms to the growing list of Qualified Venture Firms (QVFs) that can access funding from the New Jersey Innovation Evergreen Fund (NJIEF). These QVFs, as well as the three approved by the NJEDA Board in May, are eligible to access up to $12.5 million annually per investor from the NJIEF to co-invest in innovative, high-growth New Jersey-based businesses.

Established under the New Jersey Economic Recovery Act (ERA) of 2020, signed into law by Governor Phil Murphy in 2021, the NJIEF allows the State to become an equity investor in innovative early-stage businesses based in New Jersey, investing up to $300 million in New Jersey companies alongside approved QVFs for a total of $600 million. The capital raised from the sale of tax credits auctioned off to eight corporations in December 2022 are expected to result in the funding of initial investments into high-growth businesses in New Jersey.

“The NJIEF is a unique tool that will propel New Jersey’s innovation economy forward by leveraging public and private dollars to invest in high-growth startups, entrepreneurs, and our innovation ecosystem,” said NJEDA Chief Executive Officer Tim Sullivan. “Through the NJIEF, the NJEDA is supporting Governor Murphy’s strategic vision to invest in New Jersey entrepreneurs by providing access to necessary capital, which in turn, will allow companies of the future to grow and scale.”

The QVF applicants approved today are:

Edison Partners Management, LLC d/b/a Edison Partners – based in Princeton, NJ
Newark Venture Accelerator LLC d/b/a Newark Venture Partners – based in Newark, NJ
Covenant Venture Capital LLC – based in New York, NY
RV 3 Management, LLC d/b/a Rittenhouse Ventures – based in Philadelphia, PA

“The QVFs approved yesterday all have a proven track record of investing for the growth of emerging companies throughout the country,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “This is a robust roster of qualified venture firms and enhancing their capital to invest in New Jersey businesses couldn’t come at a more critical time when the capital markets have slowed making investments. We look forward to partnering with all our QVFs in the months and years ahead on strategic investments that will spur opportunities for New Jersey entrepreneurs and their businesses.”

Applications for venture firms to qualify as a QVF can be found here. Applications are open to venture capital firms worldwide and are being accepted on a rolling basis. The roster of seven firms approved to date includes diversity of investment strategy, industry, and stage. There continues to be strong momentum from interested managers and we anticipate continuing to make announcements around several mor QVFs in the coming months.

Coviello noted that the application for approved QVFs to apply for Qualified Investments into high-growth, innovative businesses based in New Jersey is also now open. The total unallocated capital available for new investments stands at over $46 million.

About the New Jersey Economic Development Authority

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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First Aspire Program approvals to bridge financing gaps for three projects comprised of a combined 728 housing units

TRENTON, N.J. (May 12, 2023) – Three residential development projects representing a combined $338 million in investment in underserved New Jersey communities were approved for support on Wednesday by the Board of the New Jersey Economic Development Authority (NJEDA). The projects, located in Camden, Morristown, and Newark, which will create or rehabilitate 728 safe, modern housing units, were approved under the Aspire Program for tax credits to help bridge financing gaps.

Aspire is a place-based economic development program created under the New Jersey Economic Recovery Act of 2020 (ERA), signed by Governor Phil Murphy in January 2021. The Aspire program supports mixed-use, transit-oriented development by providing tax credits to commercial and residential real estate development projects that have financing gaps.

“The three projects approved this week embody the values on which the Aspire program is based and will help to advance the ERA’s goal of a stronger, fairer economy by encouraging investment in communities that have long been overlooked,” said Governor Murphy. “High-quality housing for New Jersey families is in high demand, and it’s exciting to see transit-oriented development and affordable housing prioritized.”

Over 80 percent, or 588 of the units that will be supported by these approvals today, are designated as affordable and target households making 60 percent or less of the area median income.

“The new Aspire program is catalyzing a series of mixed-use, transit-oriented, mixed-income and affordable housing projects that advance important economic and social goals established by Governor Murphy,” said NJEDA Chief Executive Officer Tim Sullivan. “The Governor set forth his strategy focused on attracting investments to underserved communities and revitalizing our urban centers and places served by transit early in his administration, and it’s exciting to see these thoughtful development projects unfolding in places where they will matter most for local residents.”

“Throughout our time in office, Governor Murphy and I have prioritized investing in neighborhoods and communities that have often been left behind in areas such as safe and stable housing,” said Lieutenant Governor Sheila Oliver. “Investing in transit-oriented affordable housing will help transform communities and empower families for generations to come.”

“When we created the Aspire Program it was with the intention of facilitating greater investment in our communities, with a focus on creating affordable housing and returning long-dormant sites to productive use,” said Senate Majority Leader Ruiz (D-Essex). “These projects do just that. We are not just providing for new development but also the rehabilitation of older buildings to create safer living environments that are more energy efficient. As we face housing shortages and rising rents, projects like this are critical to uplifting communities.”

“It is great to see the Aspire Program working in my hometown of Newark that focuses on revitalizing transit oriented urban centers with mixed-use and affordable housing developments,” said Assemblywoman Eliana Pintor Marin (D-Essex). “All three municipalities have a lot to offer and with strategic investments, we are setting our communities up for sustainable economic growth. I look forward to seeing the lasting positive impact of this program.”

In Camden, co-applicants Hudson Valley Property Group and Hearthstone Housing Foundation will undertake an extensive renovation of the Northgate 1 Apartments. The project was approved for up to $46.5 million in tax credits, or up to 45 percent of total eligible project costs of $103.5 million, for the rehabilitation of the development’s 321 units in a 21-story building, built in the 1960s, located at 433 North 7^th Street.

Renovations and upgrades will include modernization, and energy efficient systems and appliances. Additionally, remediation work is needed due to environmental conditions, including lead-based paint, lead in water, perchloroethylene in groundwater, underground storage tanks, asbestos, and water intrusions.

In Morristown, Manahan Village will undergo substantial rehabilitation and long-term preservation of 200 existing units of affordable housing. The project, which is located at 33 Clyde Potts Drive, 6-10 Flagler Street, 14 Flagler Street, and 9-21 Flagler Street, was built in the 1940’s.

The site is currently owned by the Morristown Housing Authority, which has provided a ground lease to Aspire applicant OAHS Manahan Village LLC. The co-applicant is Morristown Family Aspire LLC , which is wholly owned by the Morristown Community Development Corporation, an instrumentality of the Housing Authority of the Township of Morristown.

The applicant was approved for Aspire tax credits of up to 35.21 percent, or $24.6 million, of eligible project costs of $70 million.

In Newark, The Metropolitan will be a 23-story high-rise, mixed-use building located at 260-272 in the city’s downtown Central Business District. The location is within walking distance of Newark Penn Station, the Newark Light Rail, and several bus stops. The project will consist of 207 residential units, 67 of which will be affordable, plus 4,000 square feet of ground-floor retail space.

The project was approved for up to $49.8 million in Aspire tax credits, which represents 45 percent of eligible project costs of $110.7 million.

The applicant is comprised of a partnership between The Hanini Group LLC, with a 75 percent stake, and Shift Catalyst, with a 25 percent stake. The Hanini Group and its affiliates have been a significant player in downtown Newark. Some of its notable projects include Hahne & Co., Hotel Indigo, and The Peoples Bank Building in Passaic.

The amount of Aspire tax credits a project is eligible to receive is a percentage of the project’s eligible costs, subject to a cap that is determined by the project’s location, other financing available, and other aspects of the project. Most projects are eligible for tax credits up to $42 million, but projects that meet specific criteria may receive tax credits up to $60 million. Projects that meet certain parameters can qualify as “transformative projects,” which may receive tax credits up to $350 million.

To be eligible for Aspire program tax credits, a project must be located in an eligible incentive location, which may include: Planning Area 1, Aviation District, Port District, or Planning Area 2 or other Designated Center that is within a half mile of a rail transit station or a high frequency bus stop.

Projects must also meet minimum size and cost thresholds. Program rules also include requirements to ensure that communities where projects are located participate in and benefit from the economic growth the project generates. As part of the application for projects, applicants must provide a letter of support from the governing body of the municipality or municipalities in which the project is located and projects with an eligible project cost equaling or exceeding $10 million must also enter into a Community Benefits Agreement with the Authority and municipality or county in which the project is located.

In line with Governor Murphy and the NJEDA’s commitment to fiscal responsibility and transparency, the Aspire program rules include provisions, such as a gap financing review, excess revenue sharing requirements, and a net positive economic benefit test for most projects, to ensure tax credits are awarded responsibly.

The Aspire program application, as well as complete rules, eligibility requirements, award sizes, and other information, are available at https://www.njeda.com/aspire.

In addition to the Aspire program, the ERA created a suite of programs that includes tax credits to incentivize job creation, new construction, and revitalization of brownfields and historic properties; financial resources for small businesses; support for new supermarkets and healthy food retailers in food desert communities; new funding opportunities for early-stage companies in New Jersey; and support for the growing film and digital media industry. More information about these programs is available at https://njeda.com/economicrecoveryact.

About the NJEDA

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

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