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 by Developer to the New Jersey Department of Community Affairs, Affordable Housing Trust Fund
Entity Name: 824 S20th Management Urban Renewal, LLC
Entity Address: 820-830 South 20th Street, Newark, New Jersey 07108-0705
Grant Amount: $0
Total Project Cost: N/A
Other Funding Source/Amount:
Grant Period:
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
824-830 South 20th Street/Block 2642/Lot 41/South Ward
Additional Information:
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WHEREAS, 824 S20th Management Urban Renewal, LLC, 820-830 South 20th Street, Newark, New Jersey 07108 ("Entity") proposes to develop a new four-story residential multi-family dwelling consisting of twenty-five (25) affordable housing residential units located at 824-830 South 20th Street, Block 2642, Lot 41 ("Project"); and
WHEREAS, in connection with the financing for the Project, the Entity is applying to the New Jersey Department of Community Affairs, Affordable Housing Trust Fund ("New Jersey Department of Community Affairs") to obtain funds in an amount not to exceed the maximum amount allowed in accordance with N.J.A.C. 5:32-1.1 et seq.; and
WHEREAS, all entities applying for funds from the New Jersey Department of Community Affairs must meet the requirements of the Neighborhood Preservation Balanced Housing Rules, pursuant to N.J.A.C. 5:43-1.1 et seq., and will be subject to mortgage, other loan documents and deed restrictions; and
WHEREAS, pursuant to the New Jersey Department of Community Affairs Threshol...
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