NJEDA approves tax credits up to $57.4 million for Newark housing
New Jersey just backed two big affordable housing projects.
The short version
- The state approved tax credits worth up to $57.4 million total.
- Cottage Place and Crown Village will build or fix 274 units.
- Construction on Cottage Place starts in March 2027.
Why it matters to you. If you work in construction or development in the state, keep an eye on how these large state-backed awards roll out.
New Jersey is putting tens of millions of dollars behind new housing in Newark. The New Jersey Economic Development Authority, the state agency that runs business incentive programs, approved three major awards under its Aspire Program to support affordable residential developments. The funds target two specific sites: the Cottage Place Apartments and the Crown Village Project.
Together, the developments will create or rehabilitate 274 housing units and add supportive services for seniors, low-income families, and individuals experiencing homelessness. At Cottage Place at 125 West Kinney Street, workers will completely renovate 100 affordable units with new kitchens, bathrooms, windows, roofs, and energy-efficient heating and cooling systems.
The state approved an award of up to 60 percent of eligible project costs for Cottage Place, not to exceed $29.6 million, with construction slated to begin in March 2027. One phase will add 105 senior apartments for residents aged 55 and older, backed by an award of up to 60 percent of eligible costs, not to exceed $27.8 million.
A separate phase will add 69 family units backed by project-based Section 8 rental assistance from the Newark Housing Authority. Both Crown Village phases include built-in social services, job training, and pre-apprenticeship programs for construction trades. According to the New Jersey Economic Development Authority, the awards aim to tackle housing affordability and accelerate housing production across the state.
