Title
Dept./Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Need for Housing Project
Purpose: To determine whether the proposed Project will meet(s) 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.
Entity Name: 297 Clinton Urban Renewal, LLC
Entity Address: 45 Academy Street, 5th Floor, Newark, New Jersey 07102
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $25,734,714.00
City Contribution: $0.00
Other Funding Source/Amount: $0.00
List of Properties:
(Address/Block/Lot/Ward)
297-309 Clinton Avenue/Block 2667/Lot 12/South Ward
Additional Information:
body
WHEREAS, 297 Clinton Urban Renewal LLC (hereinafter referred to as the "Sponsor") proposes to develop a new 4-story, multi-family senior-citizen age restricted building, consisting of sixty-four (64) affordable housing rental units of which 100% shall be restricted to tenants at or below 60% of Area Median Income, one (1) superintendent unit and on-site parking for thirty-eight (38) spaces (hereinafter referred to as the "Project"), 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 hereinafter collectively referred to as the "NJHMFA Requirements") within the City of Newark (hereinafter referred to as the "Municipality") on a site described as Block 2667, Lot 12 as shown on the Official Assessment Map of the City of Newark, Essex County and commonly known as 297-309 Clinton Avenue, Newark, New Jersey (South Ward); and
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