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 or meets an existing housing need within the City of Newark, New Jersey, 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: 650 Springfield Ave Urban Renewal, LLC
Entity Address: 61 Deans Lane, Monmouth, New Jersey 08852
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $ 16,820,870.00
City Contribution: $500,000.00
Other Funding Source/Amount: Conventional Lender and Deferred Developer Fee/$4,135,345
List of Properties:
(Address/Block/Lot/Ward)
650-656 Springfield Avenue, 708 South 17th Street and 724-726 South 17th Street and 47-55 19th Avenue/ Block 364, Lots 1, 2, 21, 22, 24, 26, 27, 28 and 29 (South Ward)
Additional Information:
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WHEREAS, 650 SPRINGFIELD AVE URBAN RENEWAL, LLC and its assigns (hereinafter referred to as the "Sponsor") proposes to construct and operate a 59 residential housing apartment community to be known as 650 Springfield Avenue (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 referred to as the "HMFA Requirements") within the City of Newark (hereinafter referred to as the "Municipality") on a site described as a portion of Block 364, Lots 1, 2, 21, 22, 24, 26, 27, 28 and 29as shown on the Official Assessment Map of the City of Newark, Essex County; and
WHEREAS, the Project will be subject...
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