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 by Developer to the New Jersey Department of Community Affairs, New Jersey Affordable Housing Trust Funds
Entity Name: South Seventh Development, LLC
Entity Address: 17 Academy Street, Suite 301, Newark, New Jersey 07102
Grant Amount: $0
Total Project Cost: $3,472,942.00
City Contribution: $0.00
Other Funding Source/Amount:
Grant Period:
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
449-451 South 7th Street/Block 303/Lot 17/Central Ward
447 South 7th Street/Block 303/Lot 16/Central Ward
Additional Information:
body
WHEREAS, South Seventh Development, LLC, 17 Academy Street, Suite 301, Newark, New Jersey 07102 (“Entity”), proposes to construct one hundred percent (100%) affordable housing development, consisting of eight (8) residential units, of which three (3) will be designated as Healthy Home for homeless families, five (5) units will be HOME Housing Partnership Initiative, serving households at 20% and 60% Area Median Income (“AMI”) with in-unit laundry located at 449-451 South 7th Street and 447 South 7th Street, Block 303, Lots 17 and 16 ("Project"); and
WHEREAS, in connection with the financing for the Project, the Entity is applying to the New Jersey Department of Community Affairs, Affordable Housing Trust Fund (“New Jersey Department of Community Affairs”) to obtain funds in an amount not to exceed the maximum amount allowed in accordance with N.J.A.C. 5:32-1.1 et seq.; and
WHEREAS, all entities applying for funds from the New Jersey Department of Community Affairs must meet...
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