Title
Dept./ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: Resolution of Support
Purpose: Municipal Council support for the submission of an application for funding from the New Jersey Department of Community Affairs, New Jersey Affordable Housing Trust Funds
Entity Name: Badger Madison Community Partners, LLC
Entity Address: 208 Chadwick Avenue c/o Nii Abladey, Newark,
New Jersey 07108
Grant Amount: $0.00
Total Project Cost: $5,002,135.00
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)
33 Madison Avenue/Block 2664/Lot 29/South Ward
35 Madison Avenue/Block 2664/Lot 30/South Ward
37 Madison Avenue/Block 2664/Lot 31/South Ward
136 Badger Avenue/Block 2664/Lot 32/South Ward
39 Madison Avenue/Block 2664/Lot 54/South Ward
Additional Information:
body
WHEREAS, Badger Madison Community Partners, LLC, 208 Chadwick Avenue c/o Nii Abladey, Newark, New Jersey 07108 (“Entity”) proposes to construct eleven (11) units restricted for 40 years under the Uniform Housing Affordability Controls for households earning 30%, 50% and 60% of AMI (“Area Median Income”) located at 33 Madison Avenue, 35 Madison Avenue, 37 Madison Avenue, 136 Badger Avenue, and 39 Madison Avenue, and commonly known on the official tax map of the City as Block 2664, Lots 29, 30, 31, 32, and 54 ("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 se...
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