Title
Dept./ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing (X) Amending
Type of Service: Affordable Housing
Purpose: To amend the Resolution of Need adopted on July 14, 2020, as Resolution 7R2-b(S), to correct the list of properties within the Project and revise the dwelling unit count on the Project to the constructed by Oak Towers Urban Renewal Entity, LLC and financed through the NJHMFA's Low Income Housing Tax Credit Program.
Entity Name: Oak Towers Urban Renewal Entity, LLC
Entity Address: 150 East 52nd Street, 14th Floor, New York, New York 10022
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $17,339,117.00
City Contribution: $0.00
Other Funding Source/Amount: $0.00
List of Properties:
(Address/Block/Lot/Ward)
2-8 Stratford Place/Block 2668/Lot 1/South Ward
18-22 Stratford Place/Block 2668/Lot 9/South Ward
24 Stratford Place/Block 2668/Lot 12/South Ward
26 Stratford Place/Block 2668/Lot13/South Ward
28 Stratford Place/Block 2668/Lot 14/South Ward
30 Stratford Place/Block 2668/Lot 15/South Ward
Additional Information:
Original Resolution of Need: Resolution 7R2-b(S), adopted on July 14, 2020.
body
WHEREAS, on July 14, 2020, the Municipal Council adopted a Resolution of Need, Resolution 7R2-b(S) (or "Resolution 7R2-b(S)071420"), in support of Oak Towers Urban Renewal Entity LLC's (hereinafter referred to as the "Sponsor") proposal to construct and operate approximately seventy-five (75) affordable housing units of which nineteen (19) units will be dedicated as supportive housing for homeless veterans within a rental housing project known as Aspen Stratford (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 promulgate...
Click here for full text