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: Stella Gardens Preservation, LLC
Entity Address: 250 West 55th Street, 35th Floor, New York, New York 10019
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low-Income Housing Tax Credit)
Total Project Cost: $137,665,418.00
City Contribution: $0.00
Other Funding Source/Amount: $0.00
List of Properties:
(Address/Block/Lot/Ward)
331-343 Springfield Avenue/Block 2544.08/Lot 1/Central Ward
Additional Information:
body
WHEREAS, Stella Gardens Preservation, LLC (hereinafter referred to as the "Sponsor") proposes the rehabilitation of an existing affordable housing project, consisting of 262 residential units, restricted to households earning no more than sixty percent (60%) of the Area Median Income ("AMI"), currently supported by a Project Based Voucher contract administered by HUD via a RAD Section 18 conversion, which will consist of substantial renovation of the apartment units, buildings, and systems, including comprehensive upgraded apartment kitchens and bathrooms, replace and upgrade flooring, doors, and hardware, providing new paint, installation of Energy Star lighting and plumbing fixtures, updating the HVAC systems, full-time resident services, free cable and internet, air conditioning units and free parking (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 ...
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