Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Need for Housing Project
Purpose: First Amendment to a proposed Project to determine if it will meet(s) an existing housing need within the City of Newark.
Entity Name: 10 Park Place Newark, LLC
Entity Address: 50 Park Place, Newark, New Jersey 07102
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $147,303,034.00
City Contribution: $0.00
Other Funding Source/Amount: $0.00
List of Properties:
(Address/Block/Lot/Ward)
8-12 Park Place/Block 17/Lot 7/Central Ward
6 Park Place/Block 17/Lot 9/Central Ward
2-4 Park Place/Block 17/Lot 10/Central Ward
Additional Information:
Resolution 7R2-f, adopted on June 5, 2024, adopted the Original Resolution of Support.
This is a First Amendment to a proposed 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.
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WHEREAS, on June 5, 2024, the Newark Municipal Council adopted Resolution 7R2-f ("Original Resolution"), determining that the project, rehabilitation of a historic building into a mixed use project with 231 affordable residential dwelling units, tenant amenities and ground floor commercial use ("Project"), as proposed by 10 Park Place Newark LLC, 50 Park Place, Newark, New Jersey 07102 (hereinafter referred to as the "Sponsor"), 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") o...
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