$25M Boost For Affordable Housing Project In Morristown  

MORRISTOWN, NJ — A Morristown housing project was one of three to receive state funding as part of the New Jersey Economic Development Authority (NJEDA) Board's investment in underserved communities.

The three projects, which will build or renovate 728 safe, modern housing units in Camden, Morristown, and Newark, were approved for tax credits through the Aspire Program.

As part of the authority's Aspire Program, Morristown's Manahan Village, a 200-unit complex on Flagler Street and Clyde Potts Drive, will be renovated.

The initiative, established under the New Jersey Economic Recovery Act (ERA) of 2020 and signed into law by Gov. Phil Murphy in early 2021, encourages development in "transit-oriented" areas by providing tax credits to projects to help bridge financing gaps.

“The three projects approved this week embody the values on which the Aspire program is based and will help to advance the ERA’s goal of a stronger, fairer economy by encouraging investment in communities that have long been overlooked,” Murphy said. “High-quality housing for New Jersey families is in high demand, and it’s exciting to see transit-oriented development and affordable housing prioritized.”

Manahan Village will undergo extensive rehabilitation and long-term preservation of its existing affordable housing units. The project was built in the 1940s and can be found at 33 Clyde Potts Drive, 6-10 Flagler Street, 14 Flagler Street and 9-21 Flagler Street.

Manahan Village's application for Aspire tax credits was approved for up to 35 percent of the total cost, or $24.6 million, officials said.

The site is currently owned by the Morristown Housing Authority, which has granted Aspire applicant OAHS Manahan Village LLC a ground lease. Morristown Family Aspire LLC is the co-applicant, and it is wholly owned by the Morristown Community Development Corporation, an arm of the Morristown Housing Authority.

Plans for the site include the addition of energy-efficient systems and appliances. Additionally, environmental conditions such as lead-based paint, lead in water, underground storage tanks, asbestos and water intrusions necessitate remediation work, officials said.

To be eligible for the Aspire Program, a project must be located in an eligible incentive location that is within half a mile of a transit station or high-frequency bus stop, as well as meet other minimum size and cost thresholds based on its location.

Applicants must also show that the project "is not economically feasible" without the EDA grant.

“Throughout our time in office, Governor Murphy and I have prioritized investing in neighborhoods and communities that have often been left behind in areas such as safe and stable housing,” said Lieutenant Governor Sheila Oliver. “Investing in transit-oriented affordable housing will help transform communities and empower families for generations to come.”