The latest approvals under the Aspire Program claim to create hundreds of affordable housing units, supposedly building stronger, more resilient communities that will benefit New Jersey residents for decades to come. However, as a resident, I can't help but be skeptical about these promises.

The proposed development in Jersey City’s Journal Square neighborhood, known as 701 Newark Ave, is set to be a 34-story building with 360 residential units, including 90 affordable units, and nearly 3,000 square feet of ground-floor retail space. While this sounds impressive on paper, I wonder how many of these "affordable" units will actually be accessible to those who need them most. The project includes a pedestrian walkway, called Homestead Place, that will supposedly provide improved access to nearby supermarkets, healthcare facilities, the Hudson Pride Center, and the local library. But will these amenities truly benefit the current residents, or are they just another selling point for potential new tenants?

701 Newark Ave LLC has been approved for an award of up to 60 percent of the total project cost, not to exceed $89.96 million. This is a significant amount of money, and nearby residents question whether it will be ensure the promised affordable housing units are delivered.

Jersey City Mayor Steven M. Fulop claims that over the past decade, the city has become a model for affordable housing by requiring strong inclusionary mandates and delivering thousands of new and affordable units across all six wards. He emphasizes the commitment to Journal Square, where a historic revitalization is supposedly restoring its role as the cultural and economic heartbeat of the city. How are these efforts genuinely benefiting the existing community?

The projects approved for Aspire awards are supported by Low-Income Housing Tax Credits through the New Jersey Housing and Mortgage Finance Agency. While this sounds promising, the actual implementation of these projects often falls short of their lofty goals.

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 the time of approval have been met before receiving their first disbursement of tax credits.

Despite these requirements, doubt remains about whether these “affordable” housing units will truly be affordable for those who need them most.