Aspire tax credits for this development are set at 50% of total costs. Credit: Anton Maksimov 5642.su via Unsplash.

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. 

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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. 

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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.