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 for funding from the New Jersey Department of Community Affairs, New Jersey Affordable Housing Trust Funds.
Entity Name: MAR Acquisition Group, LLC
Entity Address: 921 Elizabeth Avenue, 5th Floor, Elizabeth, New Jersey 07201
Grant Amount: $0.00
Total Project Cost: Not Applicable
City Contribution: $0.00
Other Funding Source/Amount: $0.00
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
137 Ridgewood Avenue/Block 2692/Lot 21/South Ward
139 Ridgewood Avenue/Block 2692/Lot 22/South Ward
141 Ridgewood Avenue/Block 2692/Lot 23/South Ward
143 Ridgewood Avenue/Block 2692/Lot 24/South Ward
Additional Information:
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WHEREAS, the MAR Acquisition Group, LLC., 921 Elizabeth Avenue, 5th Floor, Elizabeth, New Jersey 07201, proposes to develop approximately four (4) units of affordable housing in the Ridgewood Avenue Homes Phase I to be located at 137 Ridgewood Avenue/Block 2692/Lot 21/South Ward, 139 Ridgewood Avenue/Block 2692/Lot 22/South Ward, 141 Ridgewood Avenue/Block 2692/Lot 23/South Ward, 143 Ridgewood Avenue/Block 2692/Lot 24/South Ward ("Project");
WHEREAS, the Municipality has determined that the Project will meet all or part of the City of Newark's low and moderate housing obligation in its Housing Element and Fair Share Plan; and
WHEREAS, MAR Acquisition Group, LLC has presented to the Municipal Council a revenue projection, which sets forth the financing of the Project; and
WHEREAS, MAR Acquisition Group, LLC's application for funds from...
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