In an effort to spur development and increase affordable housing, the board of the New Jersey Economic Development Authority on Friday approved rule changes that will increase per-project caps, expand eligibility for transformative projects and increase affordability controls for residential units. The Aspire Program, a gap financing tool to support commercial, mixed-use and residential real estate development projects, already has been used for 10 projects — awarding more than $500 million in credits for projects representing more than 500,000 square feet of commercial space, 490 income-restricted units and 1,040 market-rate units.
EDA CEO Tim Sullivan was obviously pleased. “Since launching, the Aspire Program has supported innovative commercial projects like HELIX and affordable and mixed-income residential developments in downtowns across the […].
To see the full article CLICK HERE
