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: Forest Hill House Preservation Urban Renewal, LLC
Entity Address: 142 West 57th Street, 5th Floor, New York, New York 10019
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $37,532,737.00
City Contribution: To Be Determined
Other Funding Source/Amount: $0.00
List of Properties:
(Address/Block/Lot/Ward)
501-507 Mt. Prospect Avenue/Block 628/Lots 13 and 15/North Ward
Additional Information:
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WHEREAS, Forest Hill House Preservation Urban Renewal, LLC (hereinafter referred to as the "Sponsor") proposes the conversion of an existing ten (10) story, (100) units into a 100% senior occupied building consisting of eighteen (18) studio, eighty-one (81) one bedroom and one (1) two-bedroom units, a partial basement, multiple common spaces on the first floor and twenty-five (25) parking spaces reserved for the building residents (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 628, Lots 13 and 15 as shown on the Official Assessment Map of the City of Newark, Essex ...
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