December Aspire tax credit approvals No. 10 and No. 11 (for projects in Camden and Trenton) lifted the number of housing units the program has helped to 2,078 – of which 710 were designed as affordable – an impressive haul for the program.
N.J. Economic Development Authority CEO Tim Sullivan obviously was thrilled by the impact.
“The Aspire Program is a key element of Gov. Phil Murphy’s strategy for a stronger and more equitable economy, aimed at expanding access to affordable housing and making investments in communities throughout the state,” he said. “The developments approved throughout the year will help drive long-term growth and prosperity across the state by providing high-quality, affordable housing, as well as critical health care and social services for families and seniors.”
The mixed-use development project in Camden, known as Parkside Place I and Parkside Place II, will include residential units, retail space, and a Federally Qualified Health Center.
The project will replace blighted properties and vacant lots along Haddon Avenue with two newly constructed buildings.
Parkside Place I, a four-story building, will include 24 affordable residential units and a FQHC.
The FQHC will be operated by Osborn Family Health Center, which was established in 1974 in the Parkside neighborhood. The health center will provide OB/GYN care, family practice,
pediatrics, dental care, and behavioral health services. Parkside Place II will be a three-story building consisting of six affordable housing units. The ground floor will include over 4,000 square feet of retail and office space.
Parkside Camden Urban Renewal, LLC was approved for up to 60 percent of the total project cost, not to exceed $17.7 million. The project is also supported by NJHMFA Low-Income Housing Tax Credits.
Camden Mayor Vic Carstarphen spoke of the impact.
“Thanks to Governor Phil Murphy’s leadership, Aspire tax credits are having a tangible and
beneficial impact on the state’s urban communities,” he said.
“In the city of Camden, residents benefit not only from the creation of new quality housing units, but also from improved access to healthcare services which can only create better health outcomes for those at risk. My administration is proud to work with Gov. Murphy, NJEDA CEO Tim Sullivan, and NJHMFA Executive Director Melanie Walter to continue the economic progress taking place in neighborhoods across the state and the undeniable transformation in Camden.”
The award in Trenton to OAHS Brunswick TC LLC, will help renovate eight existing affordable apartment buildings, known as Brunswick Village, encompassing 110 one-, two-, and three-bedroom units.
Six of those units, located at 801-833 Brunswick Avenue, will be specifically designed to meet requirements set by the Americans with Disabilities Act. Programs such as financial literacy courses, computer classes and homeowner workshops will be offered to residents.
OAHS Brunswick TC was approved for up to 51 percent of the total project cost, not to exceed $22.76 million. The project is also supported by Low-Income Housing Tax Credits through the New Jersey Housing and Mortgage Finance Agency.
“I am thrilled to hear that the Brunswick Village rehabilitation project is moving forward with the support of Aspire tax credits,” Mayor Reed Gusciora said. “This is a significant step forward for our city, as it will not only improve the living conditions for local residents but also provide vital housing options for the dedicated health care workers at Capital Health. The revitalization of this property is a testament to our commitment to fostering growth and creating vibrant, sustainable communities in Trenton.”
