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 the Developer to the New Jersey Department of Community Affairs, Affordable Housing Trust Fund- Municipal Settlement Fund
Entity Name: Badger Madison Community Partners, LLC
Entity Address: 208 Chadwick Avenue, Newark, New Jersey 07108
Grant Amount: $0
Total Project Cost: $1,633,115.00
City Contribution: $0.00
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
128 Badger Avenue/Block 2664/Lot 36/South Ward
130 Badger Avenue/Block 2664/Lot 35/South Ward
Additional Information:
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WHEREAS, Badger Madison Community Partners, LLC, 208 Chadwick Avenue, Newark, New Jersey 07108 ("Entity"), proposes to develop a two-family home and a three-family home, both designed to support residents earning between 20% and 80% Area Median Income ("AMI") ("Project"); and
WHEREAS, in connection with the financing for the Project, the Entity is applying to the New Jersey Department of Community Affairs, Municipal Settlement Fund ("NJ Department of Community Affairs") to obtain funds in an amount not to exceed the maximum amount allowed in accordance with N.J.A.C. 5:43-1.1 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 Departmen...
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