NJEDA approves tax credits up to $29.6 million for Newark housing projects
New Jersey just approved funding to build and fix 274 housing units in Newark.
The short version
- The Aspire Program will back the Cottage Place and Crown Village developments.
- Cottage Place won up to $29.6 million for kitchen and bathroom overhauls.
Check your local development plans if you build in New Jersey. The New Jersey Economic Development Authority, the state agency that backs business and real estate projects, just approved three major awards under the Aspire Program to support affordable residential developments in Newark.
The funding will back the Cottage Place and Crown Village projects to create or rehabilitate 274 housing units. At this year's Governor's Conference on Housing and Economic Development, Governor Mikie Sherrill laid out a plan to tackle housing affordability across the state, according to NJEDA Chief Executive Officer Evan Weiss.
The Cottage Place Apartments complex at 125 West Kinney Street will undergo a major rehabilitation to update 100 affordable units, including new kitchens, bathrooms, windows, roofs, and energy-efficient HVAC equipment. The project was approved for an award of up to 60% of eligible project costs, not to exceed $29.6 million, with construction expected to start in March 2027.
One phase will build 105 units for seniors aged 55 or older, with apartments reserved for residents between 50% and 60% of the Area Median Income and individuals experiencing homelessness. The senior housing component of Crown Village was approved for an award of up to 60% of eligible project costs, not to exceed $27.8 million, while a separate family housing phase also received an award.
Newark Mayor Ras J. Baraka said the funds will provide stability through safe and affordable housing. For builders and developers watching state capital, these awards show where New Jersey is funneling tens of millions in tax credits for large-scale urban construction.
Official details (link checked November 3, 2026): https://www.njeda.gov/njeda-aspire-program-advances-affordable-residential-projects-in-newark/
