Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Resolution of need for Housing Project
Purpose: To support NJHMFA Low Income Housing Tax Credit Application for a project known as Aspen Riverpark Apartments proposed by Aspen Riverpark Associates, LP, 1900 MacArthur Blvd, Suite 300, Irvine, CA 92612 for the rehabilitation of 258 rental units of affordable housing to be located on Block 2021, Lot 32
Entity Name: Aspen Riverpark Associates, LP
Entity Address: 1900 MacArthur Blvd, Suite 300, Irvine, CA 92612
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: Approximately $47,788,041.
City Contribution: N/A
Other Funding Source/Amount: Projected: PNC-FHA 223(f) $21,740,035./ LIHTC $1,409,643./HMFA-Construction Bond Funds $22,000,000.
List of Properties:
(Address/Block/Lot/Ward)
44-58 Fleming Avenue/Block 2021/Lot 32/East Ward
Additional Information:
N/A
body
WHEREAS, Aspen Riverpark Associates, LP, 1900 MacArthur Blvd, Suite 300, Irvine, CA 92612 (hereinafter referred to as the ("Sponsor") proposes to rehabilitate approximately two hundred fifty eight (258) rental units of affordable housing on a site described as Block 2021, Lot 32 as shown on the Official Assessment Map of the City of Newark, Essex County, New Jersey and commonly known as:
44-58 Fleming Avenue/Block 2021, Lot 32 (East Ward)
for a project known as Aspen Riverpark Apartments (hereinafter referred to as the "Project"), to be occupied by individuals whose income is within guidelines set by the New Jersey Low Income Housing Tax Credit Program; and
WHERAS, the Project shall be completed pursuant to 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 ther...
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