Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Need for Housing Project
Purpose: Provisions of the NJHMFA Law to enable the Agency to process the Sponsor’s application for funding a Project known as Broadway Estates through the Low Income Housing Tax Credit Program.
Entity Name: HELP New Jersey Development Co., LLC
Entity Address: 5 Hanover Square New York, New York 10004
Funding Source: NJ Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $9,996,147.00
City Contribution: 0
Other Funding Source/Amount: N/A
List of Properties:
(Address/Block/Lot/Ward)
711-715 Broadway, Newark, New Jersey 07104/Block 729, Lots 36.01-36.09/North Ward
Additional Information:
N/A
body
WHEREAS, HELP New Jersey Development Co., LLC (hereinafter referred to as the “Sponsor”) proposes to construct FORTY (40) rental units of supportive housing for seniors whose income is within guidelines set by the New Jersey Low Income Housing Tax Credit Program. The Project is named Broadway Estates (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 729, Lots 36.01-36.09 also known as 711-715 Broadway, Newark, New Jersey 07104 in the North Ward (N.W.), as shown on the Official Assessment Map of the City of Newark, Essex County; and
WHEREAS, the Project will be subject to the HMFA Requirements and the mortgage and other loan documents executed between the Sponsor and the New Jersey...
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