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: 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:
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WHEREAS, 10 Park Place Newark LLC (hereinafter referred to as the "Sponsor") proposes to rehabilitate a historic building into a mixed-use project with 231 affordable residential dwelling units, tenant amenities and ground floor commercial use (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 17, Lots 7, 9 and 10 as shown on the Official Assessment Map of the City of Newark, Essex County and commonly known as 8-12 Park Place, 6 Park Place and 2-4 Park Place, Newark, New Jersey (Central Ward); and
WHEREAS, the Project will be subject to the NJHMFA Requirements and the mo...
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