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: SWPN Development I, LLC and Brick Family I, LLC
Entity Address: 35 Halsey Street, Third Floor, Newark, New Jersey 07102
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low-Income Housing Tax Credit)
Total Project Cost: $38,046,212.00
City Contribution: $0.00
Other Funding Source/Amount: $0.00
List of Properties:
(Address/Block/Lot/Ward)
137-139 Badger Avenue/Block 2681/Lot 1/South Ward
141-143 Badger Avenue/Block 2681/Lot 3/South Ward
145-153 Badger Avenue/Block 2681/Lots 5, 6, 7, 8 and 9/South Ward
Additional Information:
body
WHEREAS, SWPN Development I, LLC and Brick Family I, LLC (hereinafter referred to as the "Sponsor") proposes to construct a multifamily residential building consisting of seventy (70) residential units, one hundred percent (100%) of which will be affordable housing, totaling over 80,000 square feet (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 2681, Lots 1, 3, 5, 6, 7, 8 and 9, as shown on the Official Assessment Map of the City of Newark, Essex County and commonly known as 137-139 Badger Avenue, 141-143 Badger Avenue an...
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