Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Need for Housing Project
Purpose: Provisions of the New Jersey Housing Mortgage Finance Agency Law to enable the Agency to process the sponsor's application for funding a project known as Oak Towers Apartments by Oak Towers Urban Renewal Entity, LLC through the Low Income Housing Tax Credit Program
Entity Name: Oak Towers Urban Renewal Entity, LLC
Entity Address: 6 Dutch Lane, Scotch Plains, New Jersey 07076
Funding Source: Not Applicable
Total Project Cost: $14,936,034.00
City Contribution: Not Applicable
Other Funding Source/Amount: Low Income Housing Tax Credits $4,314,087.00; Construction Loan $9,664,653.00; Borrower Equity $957,294.00
List of Properties:
(Address/Block/Lot/Ward)
2-8 & 18-22 Stratford Place / Block 2668, Lots 1 and 9 / South Ward
Additional Information:
body
WHEREAS, Oak Towers Urban Renewal Entity, LLC, (hereafter referred to as the "Sponsor") proposes to acquire and substantially rehabilitate two (2) buildings consisting of seventy-five (75) total affordable rental units of 1, 2 and 3 bedrooms for low-income individuals and families and twenty-four (24) parking spaces known as Oak Towers Apartments (hereafter 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 "NJHMFA Requirements") within the City of Newark (hereafter referred to as the "Municipality") on a site described as Block 2668, Lots 1 and 9, as shown on the Official Assessment Map of the City of Newark, Essex County and commonly known as 2-8 and 18-22 Stratford Place, Newark, New Jersey (South Ward); and
WHEREAS, the Project will be subject to ...
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