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: Springview Development Group, LLC
Entity Address: 1212 Springfield Avenue, Irvington, New Jersey 07111
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $24,350,601.00
City Contribution: $0.00
Other Funding Source/Amount: $0.00
List of Properties:
(Address/Block/Lot/Ward)
559-569 Springfield Avenue/Block 2618/Lot 1/South Ward
Additional Information:
body
WHEREAS, Springview Development Group LLC (hereinafter referred to as the "Sponsor") proposes to develop a new five-story mixed-use building with sixty-three (63) affordable residential units, which will be offered at 20%, 30%, 50% or 60% of Area Median Income (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 2618, Lot 1 as shown on the Official Assessment Map of the City of Newark, Essex County and commonly known as 559-569 Springfield Avenue, Newark, New Jersey (South Ward); and
WHEREAS, the Project will be subject to the NJHMFA Requirements and the mortgage and other loan documents executed between the Sponsor and ...
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