File #: 26-0406    Version: 1 Name: Spruce Park Associates- Second Amended Financial Agreement extending the term of the Financial Agreement
Type: Ordinance Status: First Reading
File created: 3/25/2026 In control: Economic and Housing Development
On agenda: 4/1/2026 Final action:
Title: AN ORDINANCE THAT RATIFIES AND AUTHORIZES THE SECOND AMENDMENT TO ORIGINAL TAX ABATEMENT GRANTED TO SPRUCE PARK ASSOCIATES UNDER THE LIMITED DIVIDEND LAW EXTENDING THE TERM OF THE FINANCIAL AGREEMENT UNTIL MARCH 31, 2036 TO RUN CONCURRENTLY WITH THE EXTENDED HOUSING ASSISTANCE PAYMENTS CONTRACT FOR AN AFFORDABLE HOUSING PROJECT LOCATED at 36-60 SPRUCE STREET, 37 SPRUCE STREET, 39-47 SPRUCE STREET, 59-61 SPRUCE STREET, 55-57 SPRUCE STREET, AND DESIGNATED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK AS BLOCK 122 LOT 64, BLOCK 123, LOT 29, BLOCK 123, LOT 23, BLOCK 123, LOT 16, AND BLOCK 123 LOT 17 (FORMERLY KNOWN AS 39-41, 43, 45-47, 55-57, 59-61, 36, 38, 40, 42, 44, 46, 48-50, 52, 54, 56, 58, AND 60 SPRUCE STREET, AND 27-29 LONGWORTH STREET, BLOCK 123, LOTS 16, 17, 18, 23, 25 AND 27 AND BLOCK 122, LOTS 50, 51, 52, 53, 54, 55, 56, 58, 59, 60, 62, 64, 17 AND 18).
Title
AN ORDINANCE THAT RATIFIES AND AUTHORIZES THE SECOND AMENDMENT TO ORIGINAL TAX ABATEMENT GRANTED TO SPRUCE PARK ASSOCIATES UNDER THE LIMITED DIVIDEND LAW EXTENDING THE TERM OF THE FINANCIAL AGREEMENT UNTIL MARCH 31, 2036 TO RUN CONCURRENTLY WITH THE EXTENDED HOUSING ASSISTANCE PAYMENTS CONTRACT FOR AN AFFORDABLE HOUSING PROJECT LOCATED at 36-60 SPRUCE STREET, 37 SPRUCE STREET, 39-47 SPRUCE STREET, 59-61 SPRUCE STREET, 55-57 SPRUCE STREET, AND DESIGNATED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK AS BLOCK 122 LOT 64, BLOCK 123, LOT 29, BLOCK 123, LOT 23, BLOCK 123, LOT 16, AND BLOCK 123 LOT 17 (FORMERLY KNOWN AS 39-41, 43, 45-47, 55-57, 59-61, 36, 38, 40, 42, 44, 46, 48-50, 52, 54, 56, 58, AND 60 SPRUCE STREET, AND 27-29 LONGWORTH STREET, BLOCK 123, LOTS 16, 17, 18, 23, 25 AND 27 AND BLOCK 122, LOTS 50, 51, 52, 53, 54, 55, 56, 58, 59, 60, 62, 64, 17 AND 18).

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WHEREAS, on February 2, 1983, the Municipal Council of the City of Newark (the "Municipal Council") adopted Resolution 7RCD (A.S.), granting a long-term tax abatement to Spruce Park Associates pursuant to the Limited Dividend Non-Profit Housing Corporations or Associations Law, N.J.S.A. 55:16-1 et seq., (the "Financial Agreement") for the construction of a ninety-eight (98) unit affordable housing project located at 39-61 Spruce Street, 36-60 Spruce Street, and 27-29 Longworth Street, and designated as Block 123, Lots 16, 17, 18, 23, 25 and 27; Block 122, Lots 50, 51, 52, 53, 54, 55, 56, 58, 59, 60, 62, 64, 17 and 18 on the official tax map of the City of Newark (collectively, the "Property"); and

WHEREAS, a multi-family residential complex containing ninety-eight (98) affordable units was constructed on the Property (the "Project"); and

WHEREAS, the Project has been continuously operated as a 100% affordable housing project and supported by project-based Section 8 housing assistance payments authorized pursuant to Section 8 of the United States Housing Act of 1937; and

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