By Joshua Burd
A developer is planning a 43-unit affordable housing project in Atlantic County with the help of a newly approved, $11.5 million tax credit under the state’s Aspire program.
The New Jersey Economic Development Authority, which voted to award the subsidy last week, said the proposal in Somers Point calls for bringing two three-story buildings with a mix of one-, two- and three-bedroom units to a vacant site at 901 Mays Landing Road. The developer, an affiliate of JAS Group Enterprises Inc., would start construction by year-end and complete it within roughly 17 months.
Known as Oasis at Greate Bay, the nearly $19.3 million project would include five rentals for residents with special needs.
“Under Governor Murphy’s leadership, the Aspire program has supported affordable and mixed-income residential developments in communities across the state, helping expand affordable housing options for countless New Jerseyans,” said Tim Sullivan, the EDA’s chief executive. “The Oasis at Greate Bay development will serve as an economic engine for both Somers Point and Atlantic County, broadening the tax base and providing high-quality, accessible residences for generations to come.”
According to the EDA, 42 units at Oasis at Greate Bay would be reserved for renters making 60 percent or less of the county’s area median income. Plans call for 86 parking spaces for tenants as well as pedestrian walkways, open space and landscaped buffers, a community room, a fitness room, bike racks and on-site management offices.
The New Jersey Housing and Mortgage Finance Agency is also supporting the project with Low-Income Housing Tax Credits, the EDA said. The co-applicant is nonprofit Triple C Housing Inc., which will provide social services to Oasis at Greate Bay residents.
The project team also includes Haddonfield-based Donovan Architects. JAS, which is based in Princeton, is serving as general contractor.
