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 known as Four Corners Millennium Project 193 Market Street 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: Four Corners Millennium Project Urban Renewal Entity, LLC
Entity Address: 89 Market Street, 8th Floor, Newark, New Jersey 07102
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $102,392,956
City Contribution:
Other Funding Source/Amount: $100,392,956
List of Properties:
(Address/Block/Lot/Ward)
199-201 Market Street/Block 146/Lot 35/Central Ward
197 Market Street/Block 146/Lot 37/Central Ward
193-195 Market Street/Block 146/Lot 38/Central Ward
12 Beaver Street/Block 146/Lot 55/Central Ward
Additional Information:
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WHEREAS, Four Corners Millennium Project Urban Renewal Entity, LLC (hereinafter referred to as the "Sponsor") proposes to construct and operate 244 housing units (of which 50 units are affordable) within a project known as the Four Corners Millennium Project 193 Market Street (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 as Block 146 Lots 35, 37, 38, 55 as shown on the Official Assessment...
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