Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Need for Housing Project
Purpose: To determine whether the proposed Project will meet(s) an existing housing need within the City of Newark, 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.
Entity Name: Kawaida Towers, LP
Entity Address: 909 3rd Avenue, 21st Floor, New York, New York 10022
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $28,500,000.00
City Contribution: $5,000,000.00
Other Funding Source/Amount: $0.00
List of Properties:
(Address/Block/Lot/Ward)
17- 21 Halsey Street/Block 20/Lot 1/Central Ward
Additional Information:
body
WHEREAS, Kawaida Towers, LP (hereinafter referred to as the "Sponsor"), proposes to construct and operate approximately 66 affordable housing units within a project known as Kawaida Towers (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 "HMFA Requirements") within the City of Newark (hereinafter referred to as the "Municipality") on a site described as Block 20 Lot 1, as shown on the Official Assessment Map of the City of Newark, Essex County and commonly known as 17- 21 Halsey Street, Newark, New Jersey 07102 (Central Ward); and
WHEREAS, the Project will be subject to the HMFA Requirements and the mortgage and other loan documents executed between the Sponsor and the New Jersey Housing and Mortgage Finance Agency (hereinafter referred...
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