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 known as 22 Fulton Street will meet 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 the Agency to process the Sponsor's application for funding the Project through the Low Income Housing Tax Credit Program.
Entity Name: Fulton Street Newark, LLC
Entity Address: 50 Park Place, Suite 300, Newark, New Jersey 07102
Funding Source: New Jersey Housing Mortgage Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $176,000,000.00
City Contribution: $0.00
Other Funding Source/Amount: Investor Equity, Land Owner Equity, Sponsor Equity, LIHTC Equity, ASPIRE Credits, Redevelopment Area Bond, Debt
List of Properties:
(Address/Block/Lot/Ward)
32 Fulton Street/Block 14/Lot 43/Central Ward
30 Fulton Street/Block 14/Lot 44/Central Ward
28 Fulton Street/Block 14/Lot 45/Central Ward
26 Fulton Street/Block 14/Lot 46/Central Ward
24 Fulton Street/Block 14/Lot 47/Central Ward
22 Fulton Street/Block 14/Lot 48/Central Ward
20 Fulton Street/Block 14/Lot 48/Central Ward
16-18 Fulton Street/Block 14/Lot 50/Additional Lot 51/Central Ward
Additional Information:
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WHEREAS, Fulton Street Newark LLC, (hereinafter referred to as the "Sponsor") proposes to construct and operate (396) housing units (of which (80) units are affordable) within a project known as 22 Fulton Street, on a site described as Block 14, Lots 43, 44, 45, 46, 47, 48, 49, 50 and 51 as shown on the Official Assessment Map of the City of Newark, Essex County and commonly known as 32 Fulton Street, 30 Fulton Street, 28 Fulton Street, 26 Fulton ...
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