Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing () Amending
Type of Service: Need for Housing Project
Purpose: Resolution supporting the sponsor's application for funding a project known as Montgomery Heights Phase II through the New Jersey Housing Mortgage Finance Agency Low Income Housing Tax Credit Program.
Entity Name: Montgomery Two Housing Urban Renewal, LLC
Entity Address: 1301 North 31st Street, Philadelphia, Pennsylvania 19121
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $46,341,606.00
City Contribution: N/A
Other Proposed Funding Source/Amount: NJHMFA Mortgage Note /$4,000,000.00 NHA Grant/ $6,200,000.00, NHA CFFP/$10,939,606.00, CDBG -DR/$5,000,000.00, LIHTC Equity/ $17,485,133.00
List of Properties:
(Address/Block/Lot/Ward)
685-715 Dr. Martin Luther King, Jr. Boulevard/Block 2559/Lot 7/ Central Ward
Additional Information:
N/A
body
WHEREAS, Montgomery Two Housing Urban Renewal, LLC (hereinafter referred to as the "Sponsor") proposes to construct one hundred fifty-five (155) rental units of affordable housing to be occupied by individuals whose income is within guidelines set by the New Jersey Low Income Housing Tax Credit program. The housing project name is Montgomery Heights Phase II (hereinafter referred to as the "Project") pursuant to 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. 5:80-1.1 et seq., and all applicable guidelines promulgated thereunder (the foregoing hereinafter collectively referred to as the "HMFA Requirements") within the City of Newark (hereinafter collectively referred to as the "Municipality") on a site described as Block 2559, Lot 7, as shown on the Official Assessment Map of the City of Newark, Essex ...
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