Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Need for Housing Project
Purpose: To support NJHMFA Low Income Tax Credit Application for the New Community Corporation Manor housing project proposed by 545 Orange Street, LLC, 233 W. Market Street, Newark, New jersey 07103, for construction of 327 rental units of affordable housing on property site listed below.
Entity Name: 545 Orange Street, LLC
Entity Address: 233 W. Market Street Newark, New Jersey 07103
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $15,346,156.00 (Approximately)
City Contribution: N/A
Other Funding Source/Amount: N/A
List of Properties:
(Address/Block/Lot/Ward)
535-551 Orange Street/Block 1904/ Lot 1 /West Ward
276-292 Fifteenth Avenue/Block 249/ Lot 15 /Central Ward
314-324 Fifteenth Avenue/Block 247/ Lot 19 /Central Ward
74-88 Fourteenth Avenue/Block 245/ Lot 1 /Central Ward
55-79 Jones Street/Block 239,/Lot 13 /Central Ward
Additional Information:
No Action Taken, June 18, 2014
Deferred 7R3-a 062414
body
WHEREAS, 545 Orange Street, LLC, 233 W. Market Street, Newark New Jersey 07103 (hereinafter referred to as the ("Sponsor") proposes to construct approximately Three Hundred Twenty Seven (327) rental units of affordable housing on a site described as Block 1904, Lot 1, Block 249, Lot 15, Block 247, Lot 19, Block 245, Lot 1 and Block 239, Lot 13, as shown on the Official Assessment Map of the City of Newark, Essex County, New Jersey and commonly known as, 535-551 Orange Street, Newark, New Jersey (West Ward), 276-292 Fifteenth Avenue, Newark, New Jersey (Central Ward), 314-324 Fifteenth Avenue, Newark, New Jersey (Central Ward), 74-88 Fourteenth Avenue, Newark, New Jersey (Central Ward) and 55-79 Jones Street, Newark, New Jersey (Central Ward) for a project known...
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