Title
Dept/ Agency: Economic Housing and Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Approving HMFA Financial Agreement
Project Information:
RESOLUTION OF THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK GRANTING A THIRTY (30) YEAR TAX ABATEMENT PURSUANT TO THE NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY LAW OF 1983, AS AMENDED AND SUPPLEMENTED, N.J.S.A. 55:14K-1 ET SEQ., TO NEVADA PRESERVATION, LLC, C/O FAIRSTEAD, 250 W. 55TH STREET, 35TH FLOOR, NEW YORK, NEW YORK 10019, FOR THE ACQUISITION, PRESERVATION, AND SUBSTANTIAL REHABILITATION OF AN EXISTING SENIOR MULTIFAMILY RESIDENTIAL DEVELOPMENT CONTAINING THREE HUNDRED SIX (306) AFFORDABLE RESIDENTIAL RENTAL UNITS, CONSISTING OF THIRTY-SIX (36) STUDIO UNITS AND TWO HUNDRED SEVENTY (270) ONE-BEDROOM UNITS, TOGETHER WITH RELATED COMMON AREAS, AMENITIES, BUILDING SYSTEMS, ACCESSIBILITY IMPROVEMENTS, AND SITE IMPROVEMENTS, LOCATED AT 987-997 BROAD STREET, ALSO KNOWN AS 18-44 NEVADA STREET AND 2 NEVADA STREET, NEWARK, NEW JERSEY 07102, AND IDENTIFIED ON THE CITY’S TAX MAP AS BLOCK 111, LOT 76 (COLLECTIVELY, THE “PROJECT”) (CENTRAL WARD).
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WHEREAS, Nevada Preservation, LLC, c/o Fairstead, 250 W. 55th Street, 35th Floor, New York, New York 10019 (the “Entity”), has applied for a long-term tax exemption pursuant to the New Jersey Housing and Mortgage Finance Agency Law of 1983, as amended and supplemented, N.J.S.A. 55:14K-1 et seq. (the “HMFA Law”), for the acquisition, preservation, and substantial rehabilitation of Nevada Street Apartments, an existing senior multifamily residential development containing three hundred six (306) affordable residential rental units, consisting of thirty-six (36) studio units and two hundred seventy (270) one-bedroom units, together with related common areas, amenities, building systems, accessibility improvements, and site improvements, located at 987-997 Broad Street, also known as 18-44 Nevada Street and 2 Nevada Street, Newark, New Jerse...
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