By Joshua Burd
The state has approved another $20 million in tax credits under the Aspire program, clearing the way for developers to build or renovate a combined 164 apartments for seniors in Essex and Gloucester counties.
In Newark, the Economic Development Authority awarded more than $8.18 million to a project at 505 Mount Prospect Ave., an existing 100-unit building that an investment group plans to acquire and rehabilitate. Known as Forest Hill House, the 10-story property has served as senior housing since it opened in 1977, but lead developer Tredway Group LLC will oversee a major overhaul that includes heating system, roof and window replacements and security system, kitchen and bathroom upgrades.
The project will also include a transition to energy-efficient lighting and appliances and upgrades to make Forest Hill House more accessible for handicapped residents, the EDA said. The building’s collection of studios and one-bedroom units will remain affordable.
“The Aspire Program continues to support affordable residential development for seniors and hardworking families across New Jersey,” said Tim Sullivan, the authority’s CEO. “Today’s approvals are fulfilling Governor Phil Murphy’s goal to ensure New Jersey’s seniors have access to safe and affordable housing options. Through the Aspire Program, the NJEDA will continue investing in communities, supporting families and seniors, and creating a stronger, fairer New Jersey.”
The EDA last week also approved more than $12 million in tax credits under Aspire, a place-based gap financing program, for a new ground-up project in Gloucester County’s Washington Township, according to a news release. Plans by Ingerman Development Co. LLC call for a three-story, 64-unit building at 4500 Black Horse Pike that will include one- and two-bedroom units and a community space with a kitchen, a fitness room and a laundry room, as well as 99 parking spaces for residents.
The project will take place on a vacant lot.
The EDA noted Friday that, to date, its board has approved a total of $294 million in Aspire awards for residential projects, leading to the creation and preservation of more than 1,500 housing units, nearly 70 percent of which will be affordable. That includes four 100 percent affordable senior housing developments, the authority said, adding that both projects will benefit from financing provided by the New Jersey Housing and Mortgage Finance Agency’s Low Income Housing Tax Credit program.
Created by the New Jersey Economic Recovery Act of 2020, Aspire supports mixed-use, transit-oriented development by providing tax credits to commercial and residential projects that have financing gaps. All residential Aspire projects must include at least 20 percent affordable housing, while recipients must certify that all commitments established at time of approval have been met before receiving their first disbursement of tax credits.
