New Jersey Economic Development Authority Approves Up to $77.44M in Aspire Awards for 274 Newark Affordable Housing Units

The New Jersey Economic Development Authority (NJEDA) Board approved three awards under its Aspire Program on Oct. 22 to support affordable residential development in Newark, committing up to $77.44 million in gap financing. The Cottage Place and Crown Village projects will create or rehabilitate 274 housing units and provide supportive services for residents, the authority announced.

The awards support Governor Mikie Sherrill's efforts to expand affordable housing, according to the NJEDA. Each award is capped at 60% of eligible project costs.

NJEDA Aspire Awards by Project

The three awards break down as follows:

• Cottage Place Apartments: up to $29.6 million for the rehabilitation of 100 affordable units at 125 West Kinney Street.
• Crown Village senior housing: up to $27.8 million for 105 units for residents age 55 and older.
• Crown Village family housing: up to $20.04 million for 69 units.

All three projects are also supported by Low-Income Housing Tax Credits administered through the New Jersey Housing and Mortgage Finance Agency.

Cottage Place Rehabilitation at 125 West Kinney Street

Cottage Place Apartments will undergo a significant rehabilitation of its 100 affordable units. Planned work includes comprehensive upgrades to apartment kitchens and bathrooms, new windows and roofs, and upgraded energy-efficient HVAC equipment. The project also includes the design and implementation of a supportive services program intended to promote housing stability, economic mobility and community well-being for tenants.

Construction is expected to begin in March 2027.

Crown Village Redevelops Former Brewery Site

The Crown Village project will redevelop a former brewery on South Orange Avenue into a multi-building residential complex. Related project materials identify parcels at 552 and 554-556 South Orange Ave. and 412, 414, 416 and 418 Grove St. for the senior component, and 572-588 South Orange Ave., 80-82, 84 and 86-88 Whitney St., and 391-419 Grove St. for the family component. The NJEDA release names only South Orange Avenue.

The senior phase will consist of 105 units for residents age 55 or older within two five-story buildings. The first level of each building is designated for onsite parking. A section of apartments is reserved for residents between the 50% and 60% Area Median Income range and for individuals experiencing homelessness. Support services include assistance with job training and community outreach, including pre-apprenticeship programs for the construction trades.

A separate Aspire award covers a family housing phase in a five-story building, with the first level designated for onsite parking and the remaining levels holding 69 one-, two- and three-bedroom units. The Newark Housing Authority has committed to providing project-based Section 8 rental assistance to the project units, with additional apartments available for low-income residents and individuals experiencing homelessness. Tenants will have access to supportive services, including job training and community outreach.

Broader development materials describe a larger former brewery redevelopment than the 174 Crown Village units covered by these two awards, including an initial phase of 329 units and a separate phase of 144 affordable units with approximately 8,100 square feet of commercial space. The 174-unit figure is the number approved in the NJEDA announcement.

Officials Cite Housing Affordability Goals

"At this year's Governor's Conference on Housing and Economic Development, Governor Sherrill laid out a bold plan to tackle housing affordability, bring down costs, and accelerate housing production across the state," said NJEDA Chief Executive Officer Evan Weiss. "Through the Aspire Program, the NJEDA is taking action to boost the Governor's efforts by supporting the creation of developments that will provide meaningful housing opportunities for seniors and residents."

Newark Mayor Ras J. Baraka said the funds, "earmarked for new construction, renovations, and built-in social services will improve the lives of our respected elders and our most vulnerable individuals and families."

Senate Majority Leader M. Teresa Ruiz said, "Every family and senior in Newark deserves a safe, affordable place to call home." Senator Renee C. Burgess said the investments "will help improve existing housing, create new opportunities for residents, and strengthen our neighborhoods."

Assemblywoman Eliana Pintor Marin said, "Aspire was created with the belief that communities with the greatest needs deserve the same chance for growth." She added that the projects "will create or preserve 274 affordable homes, including much-needed housing for our seniors." Assemblywoman Shanique Speight said the investments "revitalize a vacant brewery site into brand-new homes, upgrade existing apartments with energy-efficient features, and offer job training and support services to help our community thrive."

Aspire Program Context and Financing Implications

Aspire is a gap financing tool that supports commercial, mixed-use and residential real estate development projects. In affordable housing, such financing can fill the difference between conventional debt, equity, tax-credit proceeds and total development costs.

The awards arrive as demand for the program exceeds available resources. The NJEDA temporarily paused new Aspire applications in July 2026 while it reviews the program and prepares revised criteria for a planned reopening in the fall.

The awards are incentive commitments, not purchase prices, construction loans or project valuations. Because each is capped at 60% of eligible costs, the maximum awards imply eligible costs of at least approximately $49.3 million for Cottage Place, $46.3 million for the Crown Village senior phase and $33.4 million for the Crown Village family phase. Those figures are arithmetic implications of the award caps rather than stated total development costs.

The NJEDA serves as the state's principal agency for driving economic growth. More information about the program is available at njeda.gov/aspire.

Sources

• New Jersey Economic Development Authority: NJEDA Aspire Program Advances Affordable Residential Projects in Newark