The Aspire program, created under the New Jersey Economic Recovery Act of 2020, was designed to boost mixed-use, transit-oriented development in the state by awarding tax credits to commercial and residential real estate projects that have financing gaps. A stipulation of the program is that all Aspire residential projects must include at least 20% affordable housing units. So far, the program has awarded $273.9 million to residential projects, with 1,368 housing units, of which 898, or 60%, will be affordable. The rest will be listed at market price. 

The newest project is a 14-story building in Newark, across the street from New Jersey Transit’s Broad Street Station. As well as retail space and a parking garage, it will have 350 residential units, 70 of which will be reserved as affordable housing.   

“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.”