NJ Aspire is a flagship program under the state’s $14.5 billion 2020 Economic Recovery Act that Gov. Phil Murphy has touted as an initiative to help advance housing and commercial development projects in “overlooked” communities.

“The Aspire Program will facilitate equitable, community-supported residential and commercial development projects that make our communities vibrant live, work, play destinations that better serve residents and help attract successful companies and top-notch talent,” reads a statement from NJEDA head Tim Sullivan.

The Economic Redevelopment and Growth gap financing program will compensate developers for up to 30% of project costs - or 40% in Atlantic City, Camden, Paterson, Passaic and Trenton - for retail, office, or industrial projects that are at least 100,000 square feet.

The New Jersey Economic Development Authority greenlit a state incentive for residential developers, under one of a dozen programs meant to lift the state out of the COVID-19 recession.