Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Application for Long-Term Tax Abatement
Purpose: Construction of 40-unit residential affordable housing project
Entity Name: HELP New Jersey Development Co., LLC
Entity Address: 5 Hanover Square, 17th Floor, New York, New York 10004
Abatement Period: 15 years
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient ( x ) n/a
List of Property:
(Address/Block/Lot/Ward)
711-715 Broadway, Block 729, Lots 36.01-36.09, North Ward
Additional Information:
Body
WHEREAS, as authorized under the New Jersey Housing and Mortgage Finance Agency Law of 1983, as amended and supplemented, N.J.S.A. 55:14K-1 et seq. (the “HMFA Law”), HELP New Jersey Development Co., LLC, 5 Hanover Square, 17th Floor, New York, New York 10004 (the “Entity”) submitted an application for the approval of a plan for the construction of a 40-unit residential affordable housing project on the following properties:
Block 729, Lots 36.01-36.09 711-715 Broadway, Newark, New Jersey
(collectively referred to herein as the “Property”); and
WHEREAS, the project will be subject to the HMFA Law and the mortgage and other loan documents executed between the Entity and the New Jersey Housing and Mortgage Finance Agency (the “HMFA”); and
WHEREAS, the Entity is seeking a long term tax abatement for the project pursuant to the provisions of the HMFA Law; and
WHEREAS, the Municipal Council has determined that the project meets an existing need, and has further determined that the project is an improvement made for the purpose of construction, improvement or rehabilitation of housing projects as set forth in the HMFA Law; and
WHEREAS, in accordance with Ordinance No...
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