Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Need for Housing Project
Purpose: To determine whether the proposed Project will meet(s) an existing housing need within the City of Newark, pursuant to the provisions of the New Jersey Housing and Mortgage Finance Agency Law of 1983, as amended (N.J.S.A. 55:14K-1 et seq.), the rules promulgated thereunder at N.J.A.C. 5:80-1 et seq., and all applicable guidelines.
Entity Name: Pacific Apartments Ventures, LLC
Entity Address: c/o Millbrook Realty Group, LLC, 546 Fifth Avenue, 6th Floor, New York, New York 10036
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low-Income Housing Tax Credit)
Total Project Cost: $35,471,007.00
City Contribution: $0.00
Other Funding Source/Amount: $0.00
List of Properties:
(Address/Block/Lot/Ward)
164-184 Pennington Street/Block 932/Lot 1/East Ward
Additional Information:
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WHEREAS, Pacific Apartments Ventures, LLC (hereinafter referred to as the “Sponsor”) proposes the rehabilitation of an 100% affordable family housing project consisting of 80 residential units - 16 one-bedroom units, 40 two-bedroom units, and 24 three-bedroom units. This funding will assist with a substantial renovation of the apartment units, buildings, and systems that will modernize the buildings and preserve the affordability of the project. The redevelopment will also include social services provided with Ironbound Community Corporation as the Social Service Provider (hereinafter referred to as the “Project”), pursuant to the provisions of the New Jersey Housing and Mortgage Finance Agency Law of 1983, as amended (N.J.S.A. 55:14K-1 et seq.), the rules promulgated thereunder at N.J.A.C. 5:80-1 et seq., and all applicable guidelines (the foregoing hereinafter collectively referred to as the “NJHMFA Requirements”) within the City of Newark (hereinafter referred to as the “Municipality”) on a site described as Block 932...
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