Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Need for Housing Project
Purpose: To amend Resolution 7R2-c(AS) adopted on April 21, 2021, by revising the list of properties included in the Resolution and on the Sponsor's Application with New Jersey Housing and Mortgage Finance Agency Low Income Housing Tax Credit Program, for funding for the Project known as Essex Plaza One.
Entity Name: Essex Plaza Owner One, LLC
Entity Address: c/o Fairstead, 250 West 55th Street, 35th Floor, New York, New York 10019
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $130,054,096.00
City Contribution: $0.00
Other Funding Source/Amount: Low Income Housing Tax Credits- $43,775,000.00; HMFA First Mortgage, Note-$70,000,000.00, Note II-$13,592,000.00; and Deferred Developer Fee-$2,687,096.00
List of Properties:
(Address/Block/Lot/Ward)
1056-1070 Broad Street/Block 892/Lot 1/East Ward
1048-1054 Broad Street/Block 892/Lot 16/East Ward
Additional Information:
Resolution 7R2-c(AS) adopted on April 21, 2021, authorized the Department of Economic and Housing Development's determination that the proposed Project 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.
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WHEREAS, on April 21, 2021, the Municipal Council (hereinafter referred to as the "Municipality") adopted Resolution 7R2-c(AS) (hereinafter referred to as the "Original Resolution"), 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 (the foregoing collectivel...
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