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 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: The Tower at Halsey and William Urban Renewal, LLC
Entity Address: 645 Martinsville Road, Suite 204, Basking Ridge, New Jersey 07920
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $150,434,129.00
City Contribution: $0.00
Other Funding Source/Amount: Investor Equity, Land Owner Equity, Sponsor Equity, LIHTC Equity, ASPIRE Credits, Redevelopment Area Bond, Debt
List of Properties:
(Address/Block/Lot/Ward)
16-24 William Street, Block 94, Lot 6, Central Ward
26-30 William Street, Block 94, Lot 3, Central Ward
32-34 William Street, Block 94, Lot 1, Central Ward
Additional Information:
body
WHEREAS, The Tower at Halsey and William Urban Renewal, LLC (hereinafter referred to as the "Sponsor") proposes to construct and operate 270 housing units (of which 54 units are affordable), within a project known as Vibe (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 94, Lots 6, 3 and 1 as shown on the Official Assessment Map of the City of Newark, Essex County, and commonly...
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