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 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: MAR NHA WSV Phase 1, LLC
Entity Address: 921 Elizabeth Avenue, 5th Floor, Elizabeth, New Jersey 07201
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $22,035,536.00
City Contribution: To Be Determined
Other Funding Source/Amount: $0.00
List of Properties:
(Address/Block/Lot/Ward)
530-570 South 13th Street/Block 310/Lot 1/Central Ward
Additional Information:
body
WHEREAS, MAR NHA WSV Phase 1, LLC (hereinafter referred to as the "Sponsor") proposes to develop a new twenty-three (23) story building consisting of the development of a new senior building to contain eighty-six (86) affordable residential units, green space, media/computer room, a fitness room, wellness room, community room and on-site management office (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 "NJHMFA Requirements") within the City of Newark (hereinafter referred to as the "Municipality") on a site described Block 310, Lot 1 as shown on the Official Assessment Map of the City of Newark, Essex County (Central Ward) and commonly known as 530-570 South 13th Street; and
WHEREAS, the Project will be subject t...
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