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: 489-559 Irvington Avenue Urban Renewal, LLC
Entity Address:
Grant Amount: $0
Total Project Cost:
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
192-254 Mt Vernon Place and 31-97 Manor Drive, Newark, New Jersey and identified on the Tax Maps as Block 4274, Lot(s) 1.01, 7, 8, 9 and 10 in the Central Ward.
Additional Information:
Ivy Hill Apartments
body
WHEREAS, Ivy Hill Section I LLC, Ivy Hill Section II LLC, Ivy Hill Section III LLC , Ivy Hill Section IV LLC, and Ivy Hill Section V LLC (hereinafter collectively referred to as the "Sponsor") proposes to rehabilitate the existing Ivy Hill Park Apartments, which consists of ten (10) fifteen-story buildings on Mount Vernon Place and Manor Drive with 2,100 units that will be one hundred (100) affordable residential units for tenants with incomes at or below 60% Area Median Income ("AMI")(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 4274, L...
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