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 known as Fairmount Commons 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: Fairmount Commons Urban Renewal Associates, L.P.
Entity Address: 77 Park Street, Montclair, New Jersey 07042
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $25,800,000
City Contribution: $0.00
Other Funding Source/Amount: To Be Determined
List of Properties:
(Address/Block/Lot/Ward)
331 South 11th Street/Block 1784/Lot 6/West Ward
333 South 11th Street/Block 1784/Lot 7/ West Ward
335 South 11th Street/Block 1784/Lot 8/West Ward
381-395 South Orange Avenue /Block 1784/Lot 35/West Ward
Additional Information:
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WHEREAS, Fairmount Commons Urban Renewal Associates, L.P. (hereinafter referred to as the "Sponsor") proposes to construct and operate approximately 70 affordable housing units within a project known as Fairmount Commons (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 promulgated thereunder (the foregoing hereinafter collectively referred to as the "HMFA Requirements") within the City of Newark (hereinafter referred to as the "Municipality") on a site described as Block 1784 Lots 6,7,8 and 35, as shown on the Official Assessment Map of the City of Newark, Essex County and commonly known as 331 Sou...
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