Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Need for Housing Project
Purpose: To support NJHMFA Low Income Housing Tax Credit Application for a project known as Court Tower Apartments for the rehabilitation of 222 senior rental units of affordable housing to be located on 961-985 Broad Street, Newark, New Jersey 07102 (a/k/a 1 Court Street), Block 111, Lot 75
Entity Name: New Court Street Urban Renewal, LLC
Entity Address: 551 5th Avenue, 23rd Floor, New York, New York 10176
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $35,165,757.00
City Contribution: N/A
Other Funding Source/Amount: Projected: Fannie Mae: $19,366,622.00, IRP: $2,698,638.00, LIHTC Equity $9,548,733.00, Environmental Release and NJHMFA-Replacement Reserve: $2,666,081.00
List of Properties:
(Address/Block/Lot/Ward)
961-985 Broad Street (a/k/a 1 Court Street)/Block 111/Lot 75/Central Ward
Additional Information:
body
WHEREAS, New Court Street Urban Renewal, LLC, 551 5th Avenue, 23rd Floor, New York, New York 10176 (hereinafter referred to as the (“Sponsor”) proposes to rehabilitate approximately two hundred twenty-two (222) senior rental units of affordable housing on a site described as Block 111, Lot 75 as shown on the Official Assessment Map of the City of Newark, Essex County, New Jersey and commonly known as 961-985 Broad Street, Newark, New Jersey 07102, (a/k/a 1 Court Street) (Central Ward) for a project known as Court Tower Apartments (hereinafter referred to as the “Project”), to be occupied by individuals whose income is within guidelines set by the New Jersey Low Income Housing Tax Credit Program; and
WHERAS, the Project shall be completed pursuant to 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. 5:80-1.1 et seq., and all applicable guidelines promulgated thereunder (the foregoing hereinafter collectively referred to as the “HMFA Requirements”) within the City of Newark (hereinafter referred to as the “Municipality”); and
WHEREAS, the Project will be subject to the HMFA Requirements and the mortgage and other loan documents executed between the Sponsor and the New Jersey Housing and Mortgage Finance Agency (hereinafter referred to as the “Agency”); and
WHEREAS, pursuant to the HMFA Requirements, the Governing Body of the Municipality hereby determines that there is a need for this housing project in the Municipality.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. The Municipal Council finds and determines that the project known as Court Tower Apartments (hereinafter referred to as the “Project”) proposed by New Court Street Urban Renewal, LLC, 551 5th Avenue, 23rd Floor, New York, New York 10176 (hereinafter referred to as the “Sponsor”), consisting of the rehabilitation of approximately two hundred twenty-two (222) senior rental units of affordable housing on a site described as Block 111, Lot 75, as shown on the Official Assessment Map of the City of Newark, Essex County, New Jersey and commonly known as 961-985 Broad Street, Newark, New Jersey 07102, (a/k/a 1 Court Street) (Central Ward), meets or will meet an existing housing need.
2. The Municipal Council does hereby adopt the within Resolution and makes the determination and findings herein contained by virtue of, pursuant to, and in conformity with the provisions of the HMFA Law to enable the Agency to process the Sponsor’s application for funding to finance the Project.
STATEMENT
This Resolution will permit New Court Street Urban Renewal, LLC, 551 5th Avenue, 23rd Floor, New York, New York 10176, to meet the requirements for funding from NJHMFA to rehabilitate approximately two hundred twenty-two (222) senior rental units of affordable housing for a project known as Court Tower Apartments (“the Project”) to be occupied by individuals whose income is within guidelines set by the New Jersey Low Income Housing Tax Credit Program on a site described as Block 111 Lot 75 as shown on the Official Assessment Map of the City of Newark, Essex County, New Jersey and commonly known as 961-985 Broad Street, Newark, New Jersey 07102, (a/k/a 1 Court Street) (Central Ward).