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: Stella Gardens Preservation, LLC
Entity Address: 250 West 55th Street, 35th Floor, New York, New York 10019
Total Project Cost: $137,665,418.00
City Contribution: $0.00
Other Funding Source/Amount: Traditional debt financing and equity funding
Grant Period: Ten (10) years - Tax Credit Period, from 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
331-343 Springfield Avenue/Block 2544.08/Lot 1/Central Ward
Additional Information:
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WHEREAS, Stella Gardens Preservation, LLC (the "Developer"), proposes the rehabilitation of an existing affordable housing project, consisting of 262 residential units, restricted to households earning no more than sixty percent (60%) of the Area Median Income ("AMI"), currently supported by a Project Based Voucher contract administered by HUD via a RAD Section 18 conversion, which will consist of substantial renovation of the apartment units, buildings, and systems, including comprehensive upgraded apartment kitchens and bathrooms, replace and upgrade flooring, doors, and hardware, providing new paint, installation of Energy Star lighting and plumbing fixtures, updating the HVAC systems, full-time resident services, free cable and internet, air conditioning units and free parking at the property located at 331-343 Springfield Avenue, Newark, New Jersey, Block 2544.08, Lot 1, in the City of Newark, County ...
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