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
489-559 Irvington Avenue Block 4274, Lot 15
Additional Information:
Blossom Hill Apartments
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 known as 489-559 Irvington Avenue, Newark, ...
Click here for full text