Ellavoz Impact Capital Receives $12 Million in New Jersey Tax Credits from NJ Economic Development Authority

NEWARK, N.J.--(BUSINESS WIRE)--Ellavoz Impact Capital (EIC) announced today that it has been awarded $12 million in Historic Property Reinvestment Program tax credits from the New Jersey Economic Development Authority (NJEDA) for the historic restoration and conversion of the original St. Michael’s hospital buildings in Newark, NJ. The project, known as Newark Commons and located at 292-306 Dr. Martin Luther King, Jr. Blvd., encompasses two interconnected buildings that served as the original St. Michael’s Hospital, built in 1869, and have been a part of Newark’s history for over 150 years. The historic structure has been vacant and unoccupied for more than two decades.

EIC will convert the vacant 104,000-square-foot building into new workforce housing apartments. The units are designed to meet the needs of today’s mobile professionals, essential healthcare workers, and university students seeking quality, price-attainable housing in downtown Newark, which has experienced rapid rent growth since the COVD-19 pandemic. The restored building will consist of 42 units with 146 bedrooms and ample amenity space designed to foster community- building among residents. The building will also contain a 4,500-square-foot commercial/retail space fronting on Central Avenue, which will create further opportunity for street activation and a retail option in a section of downtown with few service outlets today.

The City of Newark’s Zoning Board of Adjustment unanimously approved the development plan earlier this year. In September, EIC secured the City Council’s approval for a 30-year tax abatement, which will help enable the property to offer price attainable housing. Twenty percent of the housing will be restricted as affordable for low- and moderate-income individuals.

The NJEDA tax credits will be paired with federal Historic Preservation tax credits. The Newark Commons restoration plan and design has already received approval from the National Park Service. The property will also tap Opportunity Zone investment capital, a federal tax incentive program designed to stimulate investment in under-resourced communities. EIC is working with local banks and lending institutions to provide debt financing that will round out project capitalization.

EIC’s President, Jeffrey Crum, expressed his gratitude to NJEDA and his excitement for the project: “Newark Commons demonstrates how the public and private sector can collaborate to create housing that is priced affordably and able to meet the needs and demands of today’s workforce and young professionals. NJEDA’s investment also enables EIC to preserve an iconic and historic structure while adapting it to better serve Newark’s growing population and economy.”

Construction on the project is anticipated to begin in early 2026.

About Ellavoz Impact Capital

Ellavoz Impact Capital, LLC, (EIC) is a social impact investor, advisor, asset manager, and real estate developer focused on creating and preserving workforce and affordable housing and other community-oriented real estate properties. EIC's strategy concentrates investments into price-attainable housing and economic development projects by working with socially aligned operators, local nonprofits, and governmental agencies to deliver positive community outcomes and double bottom line returns.

Based in Belmar & Newark New Jersey, EIC currently has total managed and controlled assets with a value exceeding $300 million. EIC is comprised of certified public accountants, attorneys, as well as real estate, finance, and economic development professionals. The team has both private sector experience and decades-long experience leading large community development financial institutions and nonprofit organizations. Collectively, the management team has led transactions with a total capitalization value of nearly $3 billion.

For more information about Ellavoz Impact Capital, visit our website at Ellavoz.com.