NJEDA Aspire Program Advances Residential Developments in Jersey City and Atlantic City

The New Jersey Economic Development Authority recently approved major residential development projects in Jersey City and Atlantic City under the Aspire Program, representing over $143 million in investment.

These developments will create or preserve 537 housing units, with 267 designated as affordable residences, supporting Governor Murphy's initiative to expand accessible housing across New Jersey. The Jersey City project features a 34-story building in Journal Square with 360 units and retail space, while Atlantic City's project rehabilitates existing buildings to preserve 177 affordable rental units for low-income residents.

• Jersey City's 701 Newark Ave development receives up to $89.96 million to build 360 units including 90 affordable homes
• Atlantic City's Garden Court Apartments gets up to $53.3 million to preserve 177 fully affordable rental units
• Both projects include community support services and improved access to transportation and local amenities
• All Aspire Program residential projects must include at least 20 percent affordable housing units