NJEDA’s Latest Aspire Approvals for Residential Developments in Camden and Mercer Counties Bring Total Created Housing Units to 2,078 in 2024

Camden development project will include a Federally Qualified Health Center

TRENTON, N.J. (January 7, 2025) - At its December meeting, the New Jersey Economic Development Authority (NJEDA) Board approved Aspire tax credit awards for two residential development projects in Camden and Trenton, marking the culmination of another productive year for the Aspire program. Throughout 2024, the program supported 11 residential projects, creating 2,078 housing units, of which 710 are designated as affordable. To date, the program has provided more than $2.5 billion in total awards, supporting catalytic developments across the state.

"The Aspire Program is a key element of Governor 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," said NJEDA Chief Executive Officer Tim Sullivan. "The developments approved yesterday and 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 (FQHC). 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 (OFHC), 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.

"Thanks to Governor Phil Murphy's leadership, Aspire tax credits are having a tangible and beneficial impact on the State's urban communities," said Camden Mayor Victor G. Carstarphen. "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 Governor 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."

Located at 801-833 Brunswick Avenue in Trenton, OAHS Brunswick TC LLC will renovate eight existing affordable apartment buildings, known as Brunswick Village, encompassing 110 one-, two-, and three-bedroom units. Six of those units 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 LLC 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 (NJHMFA).

"I am thrilled to hear that the Brunswick Village rehabilitation project is moving forward with the support of Aspire tax credits," said Mayor W. Reed Gusciora of Trenton. "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."

Aspire is a place-based economic development program created under the New Jersey Economic Recovery Act of 2020 (ERA) to support mixed-use, transit-oriented development with tax credits to commercial and residential real estate development projects that have financing gaps. All residential Aspire projects must include at least 20 percent affordable housing. As a performance-based program, projects must certify that all commitments established at time of approval have been met before receiving their first disbursement of tax credits.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State's principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey's long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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