Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Need for Housing Project
Purpose: To determine whether the Project proposed by Center Street Owners, LLC, 1865 Palmer Avenue, Suite 203, Larchmont, New York, New York 10538, known as the New Jersey Performing Arts Center Arts and Education District Phase 1, located at 1 Center Street, Newark, New Jersey 07102 (Block 17, Lots 1.01 and 1.02) meets or 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 to enable the Agency to process the Sponsor's application for funding the Project through the Low Income Housing Tax Credit Program.
Entity Name: Center Street Owners, LLC
Entity Address: 1865 Palmer Avenue, Suite 203, Larchmont, New York, New York 10538
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $217,130,272.00
City Contribution: $0.00
Other Funding Source/Amount: $0.00
List of Properties:
(Address/Block/Lot/Ward)
1 Center Street/Block 17/Lot 1.01 and Lot 1.02 /Central Ward
Additional Information:
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WHEREAS, Center Street Owners, LLC, 1865 Palmer Avenue, Suite 203, Larchmont, New York, New York 10538 (hereinafter referred to as the "Sponsor"), proposes to construct a project on a site located at 1 Center Street, Newark, New Jersey (Central Ward), as more commonly known as Block 17, Lots 1.01 and 1.02 on the Official Tax Map of the City of Newark, known as the New Jersey Performing Arts Center Arts and Education District Phase 1, which consists of three (3) multi-family rental buildings with approximately 320 units, of which 20% (approximately 63 units) shall be designated as affordable ho...
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