Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Need for Housing Project
Purpose: To support NJHMFA Low Income Housing Tax Credit Application for a project known as 505 Clinton Avenue, for the construction of twenty seven (27) rental units of affordable housing to be located at 505-509 Clinton Avenue, Newark, New Jersey 07108, Block 3000, Lot 21
Entity Name: Newark Community Economic Development Corporation
Entity Address: 111 Mulberry Street, Market Street Suite LL, Newark, New Jersey 07102
Funding Source: New Jersey Housing and Mortgage Finance Agency (Low Income Housing Tax Credit)
Total Project Cost: Approximately $7,042,748.00
City Contribution: Proposed Funding Upon Municipal Approval
Affordable Housing Trust Fund/ $500,000.00
PSE&G Settlement/ $1,000,000.00
Other Funding Source/Amount: Proposed Funding Upon Municipal Approval
HMFA 1st Mortgage, Note 1/$1,490,488.00
HMFA 1ST Mortgage, Note 11/$2,726,000.00
CDBG/UEZ/$500,000.00
Kresge/Dodge/VictoriaFoundation/$750,000.00
LIHTC Equity (4%)/$2,314,370.00
Deferred Developers Fee/$676,174.00
List of Properties:
(Address/Block/Lot/Ward)
505-509 Clinton Avenue, Newark, New Jersey
Block 3000, Lot 21 (South Ward)
Additional Information:
body
WHEREAS, Newark Community Economic Development Corporation,111 Mulberry Street, Market Street Suite LL, Newark, New Jersey 07102 (hereinafter referred to as the "Sponsor") proposes to construct approximately twenty-seven (27) affordable rental units on a site described as Block 3000, Lot 21 as shown on the Official Assessment Map of the City of Newark, Essex County, Newark, New Jersey and commonly known as 505-509 Clinton Avenue, Newark, New Jersey 07108 (South Ward), for a project known as 50...
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