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: SUW K Urban Renewal, LLC
Entity Address: 20 West 47th Street, Suite 705, New York, New York 10036
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $120,374,959.00
City Contribution: $0.00
Other Funding Source/Amount: Debt financing and equity funding
List of Properties:
(Address/Block/Lot/Ward)
430-436 Market Street/Block 176/Lot 1/East Ward
Additional Information:
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WHEREAS, SUW K Urban Renewal LLC (hereinafter referred to as the "Sponsor") proposes to construct a new 13-story mixed-income building consisting of 225 residential rental units, 45 of which will be affordable and rented to tenants at 50% Area Median Income ("AMI") or less and 2,120 square feet of retail/commercial space (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 176, Lot 1 as shown on the Official Assessment Map of the City of Newark, Essex County (East Ward) and commonly known as 430-436 Market Street; and
WHEREAS, the Project will be subject to the NJHMFA Requirements and the mo...
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