Title
Dept./ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: Resolution of Support
Purpose: To provide 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: 650 Springfield Ave Urban Renewal, LLC
Entity Address: Monmouth Junction, New Jersey 08852
Grant Amount: $0.00
Total Project Cost: $0.00
City Contribution: $0.00
Other Funding Source/Amount: $0.00
Grant Period: Not Applicable
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
650-656 Springfield Avenue/Block 364/Lot 1.05/South Ward
Additional Information:
body
WHEREAS, 650 Springfield Ave Urban Renewal, LLC, 61 Deans Lane, Monmouth Junction, New Jersey 08852, proposes to construct a new ground up three-story mixed-use affordable housing building with ten (10) affordable residential units and one (1) commercial space for the Girl Scouts of America to be located at 650-656 Springfield Avenue/Block 364/Lot 1.05/South Ward ("Project");
WHEREAS, the Municipality has determined that the Project will meet all or part of the City of Newark's low and moderate housing obligation in its Housing Element and Fair Share Plan; and
WHEREAS, 650 Springfield Ave Urban Renewal, LLC has presented to the Municipal Council a revenue projection, which sets forth the financing of the Project; and
WHEREAS, 650 Springfield Ave Urban Renewal, LLC's application for funding from the New Jersey Department of Community Affairs ("NJDCA") under the New Jersey Affordable Housing Trust Fund Program requires the support of the Municipal Council; and
W...
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