Title
Dept./ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: Resolution of Support
Purpose: To provide Municipal Council support for the submission of an application by the Developer to the New Jersey Department of Community Affairs Affordable Housing Trust Fund
Entity Name: Kawaida Towers JV Partners, LLC
Entity Address: 8 Lombardy Street, Suite 320, Newark, New Jersey 07102
Grant Amount: $0.00
Total Project Cost: $24,989,877.00
City Contribution: $0.00
Other Funding Source/Amount:
Grant Period:
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient (X) n/a
List of Property
(Address/Block/Lot/Ward
17-21 Halsey Street/Block 20/Lot 1/Central Ward
Additional Information:
body
WHEREAS, Kawaida Towers JV Partners, LLC, 8 Lombardy Street, Suite 320, Newark, New Jersey 07102 (“Entity”), proposes to construct approximately ten (10) story mixed-use affordable housing development containing approximately thirty-three (33) residential units, serving households earning between 30% and 80% of Area MedianIncome (“AMI”) located at 17-21 Halsey Street (Block 20, Lot 1) ("Project"); and
WHEREAS, in connection with the financing for the Project, the Entity is applying to the New Jersey Department of Community Affairs, Affordable Housing Trust Fund (“New Jersey Department of Community Affairs”) to obtain funds in an amount not to exceed the maximum amount allowed in accordance with N.J.A.C. 5:32-1.1 et seq.; and
WHEREAS, all entities applying for funds from the New Jersey Department of Community Affairs must meet the requirements of the Neighborhood Preservation Balanced Housing Rules, pursuant to N.J.A.C. 5:43-1.1 et seq., and will be subject to mortgage, other loan documents and deed restrictions; and
WHEREAS, pursuant to the...
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