Title
Dept./ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Need for Housing Project
Purpose: To determine whether the Project, proposed by Terrell Redevelopment Partners Urban Renewal, LP, known as Terrell Homes - Phase I, located at Block 2442, Lot 1 (pending sub-division perfection as approved by the Central Planning Board on August 17, 2020, proposed Block 2442, Lot 1.02), more commonly known as 91-97 Chapel Street, Newark, New Jersey 07105, being a portion of 59-97 Chapel Street (sometimes referred to as 35 Riverview Court (East Ward)), will meet an existing housing need within the City of Newark, pursuant to the provisions of the New Jersey Housing 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.
Entity Name: Terrell Redevelopment Partners Urban Renewal, LP
Entity Address: One Parker Plaza, Fort Lee, New Jersey 07024
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $20,045,742.00
City Contribution: $0.00
Other Funding Source/Amount: $0.00
List of Properties:
(Address/Block/Lot/Ward)
59-97 Chapel Street/Block 2442/Lot 1/East Ward
Additional Information:
Block 2442, Lot 1 is pending subdivision perfection as approved by the Central Planning Board on August 17, 2020, proposed as Block 2442, Lot 1.02.
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WHEREAS, Terrell Redevelopment Partners Urban Renewal, LP, (hereafter referred to as the "Sponsor") proposes to construct a project known as known as Terrell Homes - Phase I, which consists of a new five-story building consisting of sixty-nine (69) affordable, age-restricted rental units available to those with low and moderate incomes (hereafter refer...
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