Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Support for Needed Housing Project
Purpose: To support NJHMFA Low Income Housing Tax Credit Application for funding the construction of a 67 to 70 unit affordable housing mixed-use project commonly known as Bergen Family (RWJBH) Project.
Entity Name: Pennrose, LLC, in partnership with RWJ Barnabas Health
Entity Address: 1301 N. 31st Street, Philadelphia, Pennsylvania 19121 (Pennrose); 95 Old Short Hills Road, West Orange, New Jersey 07052 (RWJ Barnabas)
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit
Total Project Cost: $23,500,000.00
City Contribution: $0.00
Other Funding Source/Amount: $0.00
List of Properties:
(Address/Block/Lot/Ward)
981-991 Bergen Street/Block 3665/Lots 1, 2, 3, 4, 5, 6/South Ward
Additional Information:
body
WHEREAS, Pennrose, LLC, in partnership with RWJ Barnabas Health (hereinafter referred to collectively as the "Sponsor"), proposes to construct a 67-70 unit affordable housing, mixed-used project with a minimum of ten (10) set aside units for high utilizers of the emergency department at Newark Beth Israel Medical Center (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. 5:80-1.1 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"), on a site described as Lots 1-6, Block 3665 as shown on the Official Assessment Map of the City of Newark, Essex County (the "Property") and commonly known as Bergen Family (RWJBH) Project; and
WHEREAS, RWJ Barnabas Health h...
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