By Joshua Burd
WinnCompanies has set its sights on Atlantic City, where the affordable housing firm plans to modernize 177 rental units with the help of the state’s Aspire tax credit program.
The New Jersey Economic Development Authority announced Wednesday that it approved the $53.3 million incentive award to Garden Court AC LLC, an affiliate of the developer, in connection with the project at 1425 McKinley Ave. That paves the way for Winn to rehabilitate the 20-building complex known as Garden Court Apartments, starting as soon as next month, under a plan that also includes partnering with a nonprofit to provide support services for the site’s low- and moderate-income residents.
The tax credit was among two Aspire awards approved last month by the EDA, which also authorized an $89.96 million tax credit for a planned 360-unit rental tower in Jersey City that will include both market-rate and affordable housing.
“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 Tim Sullivan, the authority’s CEO. “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.”
According to the EDA, the Atlantic City project calls for the refurbishment of kitchens and bathrooms across all units, as well as new or refurbished windows, new roofs on all buildings, upgraded energy-efficient HVAC equipment, an upgraded electrical panel and the replacement of
exterior siding. General site improvements will encompass the resurfacing and restriping of asphalt parking areas, installation of new signage, restoration of non-compliant or damaged concrete sidewalks and plazas, installation of new bicycle racks and mailboxes and the addition of new security fencing and gates.
Winn also plans to enhance the property’s landscaping and other exterior spaces while converting an existing maintenance shop and storage room into a new community room and accessible laundry room, the EDA said. Meantime, it’s partnering with Gateway Community Action Partnerships, a co-applicant on the project, to connect residents with resources to promote self-sufficiency, including education and employment opportunities and financial literacy services.
The Aspire subsidy, meant to help the developer fill financing gaps, equates to up to 85 percent of the $62.8 million project cost. Like the Jersey City development, the Winn project is also supported by Low-Income Housing Tax Credits through the New Jersey Housing and Mortgage Finance Agency and other funding sources.
“The Small administration is in full support of this project and is very glad to see it moving forward,” Atlantic City Mayor Marty Small Sr. said. “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. 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.”
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