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AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT UNDER THE HMFA LAW TO NEW COMMUNITY HOMES DEVELOPMENT, LP, HAVING ITS PRINCIPAL OFFICE AT 233 WEST MARKET STREET, NEW JERSEY 07103 FOR A PROJECT TO CONSTRUCT A NEW FOUR (4) STORY BUILDING COMPRISING OF ONE HUNDRED AND TWENTY (120) AFFORDABLE UNITS, PARKING, AND TENANT AMENITY SPACE. SPECIFICALLY, THE BASEMENT SHALL CONSIST OF A PARKING GARAGE, TRASH COMPACTOR/RECYCLING ROOM, UTILITY ROOM, AND ELEVATORS AND STAIRCASES. THE GROUND FLOOR SHALL CONSIST OF 4,045 SQUARE FOOT COMMUNITY ROOM/COMMUNITY CENTER, RESIDENTIAL LOBBY, A MAIL/PACKAGE ROOM, MANAGEMENT OFFICE, ELEVATORS AND STAIRWELLS, AND TENANT AMENITY SPACE. THE GROUND FLOOR SHALL ALSO CONTAIN TWENTY-SEVEN (27) RESIDENTIAL UNITS COMPRISED OF NINE (9) ONE-BEDROOM UNITS, 12 TWO-BEDROOM UNITS, AND SIX (6) THREE-BEDROOM UNITS. EACH OF THE UPPER THREE LEVELS INCLUDE FIVE (5) ONE-BEDROOM UNITS, TWENTY (20) TWO-BEDROOM UNITS, AND SIX (6) THREE-BEDROOM UNITS. IN SUM, THE BUILDING WILL HAVE TWENTY-FOUR (24) ONE-BEDROOM UNITS, SEVENTY-TWO (72) TWO-BEDROOM UNITS, AND TWENTY FOUR (24) THREE BEDROOM UNITS OF WHICH SIXTY (60) AFFORDABLE HOUSING RENTAL UNITS SHALL BE RENTED TO TENANTS AT 60% AREA MEDIAN INCOME ("AMI") OR LESS, FORTY-FOUR (44) AFFORDABLE HOUSING RENTAL UNITS TO BE RENTED TO TENANTS AT 50% AMI OR LESS, AND SIXTEEN (16) AFFORDABLE HOUSING RENTAL UNITS TO BE RENTED TO TENANTS AT 30% AMI OR LESS, AND ONE HUNDRED TWENTY-EIGHT (128) PARKING SPACES, FOR THE APPROXIMATE TOTAL PROJECT COST OF $76,623,794.00, LOCATED ON REAL PROPERTY COMMONLY KNOWN AS 202 SOUTH ORANGE AVENUE, NEWARK, NEW JERSEY AND IDENTIFIED ON THE CITY'S TAX MAP AS BLOCK 242, LOT 1. (CENTRAL WARD)
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WHEREAS, New Community Homes Development, LP, having its principal office at 233 West Market Street, New Jersey 07103 (the "Entity") has applied for a long term tax exemption pursuant to the New Jersey Housing and Mortgage Finance Agency Law of 1983, as amended and supplemented, N...
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