Title
Dept./ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: Resolution of Support
Purpose: To provide Municipal Council support for the submission of an application for tax credits sought by Developer under the NJ Aspire Tax Credit Program to the New Jersey Economic Development Authority.
Entity Name: New Community Homes Development, LP
Entity Address: 233 West Market Street, Newark, New Jersey 07103
Grant Amount: $0.00
Total Project Cost: $69,821,728.00
City Contribution: $0.00
Other Funding Source/Amount: Traditional debt financing and equity funding
Grant Period: Ten (10) Years - Tax Credit Period, from the project completion date
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale () Grant ( ) Sub-recipient (X ) n/a
List of Property
(Address/Block/Lot/Ward
202 South Orange Avenue/Block 242/Lot 1/Central Ward
Additional Information:
The submission of an application for tax credits and support of the Municipal Council of same for New Community Homes Development, LP will be ratified from the date of submission of Developer's application for the Funds to the date of adoption of this authorizing Resolution.
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WHEREAS, New Community Homes Development, LP (the "Developer") proposes to construct a new four (4) story building consisting of (110) affordable housing rental units to be rented to tenants at 60% Area Median Income ("AMI") or less, ten (10) special needs rental units to be rented to special needs tenants at 30% AMI or less, and (140) parking spaces on the Property located at 202 South Orange Avenue, Block 242, Lot 1, in the City of Newark, New Jersey (the "Project"); and
WHEREAS, the Project will help create full-time construction jobs and permanent building service jobs and property management position...
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