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: 489-599 Irvington Avenue Urban Renewal, LLC
Entity Address: 2 Cooper Street, Camden, New Jersey 08102
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $ 154,145,245.00
City Contribution: N/A
Other Funding Source/Amount: $0.00
List of Properties:
(Address/Block/Lot/Ward)
489-559 Irvington Avenue/Block 4274/Lot 1/West Ward
Additional Information:
body
WHEREAS, 489-559 Irvington Avenue Urban Renewal, LLC (hereinafter referred to as the "Sponsor") proposes to construct a proposed 5-story, 414-unit multifamily residential project, consisting of eighty-three (83) affordable housing units, of which twenty-one (21) units shall be restricted to tenants at 40% of Area Median Income ("AMI"), twenty-one (21) shall be restricted to tenants at 60% of AMI, and forty-one (41) units shall be restricted to tenants at 80% of 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, Lot 15, as shown on the Official Assessment Map of the City of Newark, Essex County and commonly...
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