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 Developer to the New Jersey Department of Community Affairs, Affordable Housing Trust Fund
Entity Name: 300 Garside Management Urban Renewal, LLC
Entity Address: 300 Garside Street, Newark, New Jersey 07104
Grant Amount: $0
Total Project Cost: $8,723,517.00
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
300-302 Garside Street/Block 559/Lot 10.03/North Ward
Additional Information:
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WHEREAS, 300 Garside Management Urban Renewal, LLC, 300 Garside Street, Newark, New Jersey 07104 ("Entity"), proposes to develop a new five-story residential multi-family dwelling consisting of twenty-five (25) affordable housing residential units located at 300-302 Garside Street, Block 559, Lot 10.03 ("Project"); and
WHEREAS, in connection with the financing for the Project, the Entity is applying to the New Jersey Department of Community Affairs, Affordable Housing Trust Fund ("New Jersey Department of Community Affairs") to obtain funds in an amount not to exceed the maximum amount allowed in accordance with N.J.A.C. 5:32-1.1 et seq.; and
WHEREAS, all entities applying for funds from the New Jersey Department of Community Affairs must meet the requirements of the Neighborhood Preservation Balanced Housing Rules, pursuant to N.J.A.C. 5:43-1.1 et seq., and will be subject to mortgage, other loan documents and deed restrictions; and
WHEREAS, pursuant to the New Jersey Department of Community Affairs Threshold Requi...
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