Jersey City officials are cheering news that two high-profile residential projects will receive a total of $66 million in tax credits courtesy of the state Economic Development Authority.

One of the projects, a three-tower development just outside the PATH station in Journal Square, is one city officials hope will lead to a long-awaited resurgence in the heart of the city.

The $33 million in tax credits will support the first phase of the Journal Square project, a $203 million residential tower with 540 rental units and more than 3,000 square feet of ground-floor retail.

The other project set for state aid is The Beacon, a massive redevelopment project inside the old Jersey City Medical Center on Montgomery Street. Today’s decision grants tax credits totaling $33 million to the second phase of the project, which is estimated to cost $125 million and will transform two dilapidated buildings into rental apartments and commercial space.

The credits for both projects will extend over 10 years. They were awarded as part of the Urban Transit Hub Tax Credit Program, which has handed out more than $1 billion since 2010. A $297.7 million project on Rutgers' New Brunswick campus also received $33 million in state subsidies today.

The tax credits for the Journal Square project is especially good news for administration of Mayor Jerramiah Healy, which has been under attack by mayoral hopeful Councilman Steve Fulop for its policies regarding the area.

Fulop is challenging Healy for the mayoralty on May 14.

In a debate last week at the Landmark Loew's Jersey Theatre, Fulop said Healy's plan for Journal Square is "not working," while the mayor defended himself by saying the square was a "bigger mess" when he was first elected in 2004.

The Journal Square project, developed by KRE Group, will feature three towers ranging from 54 to 70 stories tall and housing 1,840 rental units and 40,000 square feet of retail space. KRE also plans to refurbish the public plaza connecting Summit Avenue to the PATH transportation hub.

It's a separate project from the two-towers project that was set for a still vacant lot in Journal Square directly across from The Jersey Journal office.

The Beacon was originally intended to include luxury condos in the eight Art Deco buildings that made up the old medical center. But the project stalled after only two of the buildings were developed, and re-started again only recently, re-imagined as luxury rental units.

The buildings set for state aid are the Criterion, at 22 stories, and Hague, 11 stories, which will have a total of nearly 500 rental units.

In a press release, EDA Chief Executive Officer Michele Brown said the projects will deliver “significant economic and social benefits.”