Pacific Apartments Ventures Tax Credits

At a glance

• What: City support for Pacific Apartments Ventures, LLC at Pennington Street in the East Ward, total project cost $35,471,007: an application for tax credits under the NJ Aspire program (ten-year credit period) and a finding that the project meets an existing housing need under state housing finance law.
• Where it stands: Both resolutions adopted September 23, 2026 as added starters; no dissent recorded. City contribution is $0.
• Next: State agency decisions on the tax credit and low-income housing credit applications.

Details

The NJ Aspire application goes to the New Jersey Economic Development Authority. The need-for-housing resolution relates to the Housing and Mortgage Finance Agency Low-Income Housing Tax Credit program. Other funding is traditional debt and equity.

Sources

• City Council regular meeting minutes, September 23, 2026: https://legistar1.granicus.com/Newark/meetings/2026/9/302225_M_Municipal_Council_26-09-23_Meeting_Minutes.pdf

Log

2026-09-23 - City Council

Adopted support resolution and need-for-housing determination.