New Jersey Economic Development Authority Approves Up to $54.3 Million Aspire Award for 108-Unit Affordable Senior Housing in Trenton

The New Jersey Economic Development Authority (NJEDA) has approved an Aspire Program award of up to $54.3 million to support the construction of a 108-unit, 100% affordable senior housing development in Trenton, the agency announced Sept. 17, 2026.

The project, known as THA Senior and sponsored by the Trenton Housing Authority, will rise four stories on Martin Luther King, Jr. Boulevard in the city's North Ward, less than a mile from the Maternal and Infant Health Innovation Center. The award represents up to 85% of the total project cost.

Project Details: Units, Amenities, and Commercial Space

THA Senior will include 107 affordable one-bedroom rental units restricted to residents aged 62 and older, plus one two-bedroom superintendent's unit, bringing the total unit count to 108. Amenities will include a fitness room, community room, outdoor patio, walking paths, a parking lot, and playground equipment.

The development will also incorporate approximately 10,000 square feet of commercial space designated for community-based organizations. Of that total, 7,400 square feet is earmarked for a daycare facility. Additional programming available to both residents and the broader neighborhood will include workforce development, senior services, education and youth support, financial empowerment, and early learning initiatives.

Financing Stack: Aspire, Choice Neighborhoods, and Tax Credits

Beyond the Aspire award, THA Senior received a $900,000 federal grant through the U.S. Department of Housing and Urban Development's Choice Neighborhoods Implementation Plan. The project is also supported by Low-Income Housing Tax Credits administered through the New Jersey Housing and Mortgage Finance Agency. The Choice Neighborhoods program is designed to leverage public and private capital to revitalize struggling neighborhoods through improvements to housing, vacant property, businesses, services, and schools.

The Aspire Program functions as a gap financing tool for commercial, mixed-use, and residential real estate development. The NJEDA temporarily paused new Aspire applications as the agency works to establish a revised framework and criteria. Prior to the pause, the program had supported more than 40 projects statewide and helped create more than 7,500 new housing units.

Officials Cite Neighborhood Revitalization Goals

"As the NJEDA works to strengthen the Aspire Program, it's encouraging to see ongoing progress on projects that expand access to affordable housing, bolster communities, and support vulnerable populations," said NJEDA Chief Executive Officer Evan Weiss. "This development will provide older residents with stable, affordable housing, while empowering local families and businesses, delivering long-lasting benefits for years to come."

Trenton Mayor W. Reed Gusciora framed the project as a fulfillment of the city's Choice Neighborhoods commitment. "The City of Trenton and the Trenton Housing Authority worked together to secure this federal designation because we recognized that rebuilding a neighborhood requires more than building housing," Gusciora said. "THA Senior will provide 107 new affordable homes for our seniors while bringing early childhood education, workforce development, senior services and other community resources directly into the neighborhood."

Mercer County Executive Dan Benson credited the state partnership for advancing the project. "This investment will create new housing opportunities for older adults while helping to strengthen and revitalize Trenton," Benson said.

State Senator Shirley K. Turner (D-Mercer/Hunterdon) said the development addresses both housing and services. "Every senior deserves access to safe, high-quality housing they can afford," Turner said. "This development will provide 107 Trenton seniors with homes of their own while also bringing childcare, workforce development, educational programs, and other valuable services to the surrounding neighborhood."

Assemblywoman Verlina Reynolds-Jackson (D-Hunterdon, Mercer) and Assemblyman Anthony Verrelli (D-Hunterdon, Mercer) also expressed support, with Verrelli noting the project's dual benefit of expanding senior housing and creating commercial space for local organizations.

Market Context

The approval comes as New Jersey's multifamily market continues to show firm demand, particularly for affordable product. Statewide multifamily occupancy has been reported at 94.1%, with effective rents near $3.07 per square foot. Central Jersey, which encompasses the Trenton area, has been cited at 92.3% occupancy with effective rents of $2.31 per square foot.

The Trenton Housing Authority's long-range planning documents describe a senior housing phase of redevelopment targeting residents 62 and older, consistent with THA Senior's design and income restrictions. The project's pairing of housing with daycare, workforce development, and community services aligns with the Choice Neighborhoods framework's broader neighborhood-reinvestment model.

Sources

NJEDA — NJEDA Approves Aspire Program Award to Support Affordable Senior Housing Development in Trenton (Sept. 17, 2026)