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 or meets 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 to enable the Agency to process the Sponsor's application for funding the Project through the Low Income Housing Tax Credit Program and to offer support for State economic incentives.
Entity Name: 930 McCarter Urban Renewal, LLC
Entity Address: 120 Albany Street, Suite 800, New Brunswick, New Jersey 08901
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit) and New Jersey Aspire Program.
Total Project Cost: $141,900,000.00
City Contribution: $8,000,000.00
Other Funding Source/Amount: To be determined
List of Properties:
(Address/Block/Lot/Ward)
930 McCarter Highway/Block 1/Lot 46.02 /Central Ward
Additional Information:
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WHEREAS, 930 McCarter Urban Renewal, LLC (hereinafter referred to as the "Sponsor") proposes to construct and operate approximately (333) residential units, including (67) affordable housing units, within a project known as 930 McCarter (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 1, Lot 46.02 as shown on the Official Assessment Map of th...
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