Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Waiving 20 day period for an ordinance to take effect
Purpose: Construction of Residential Rental Affordable Housing Project is at Risk as Closing on Property Needs to Occur Prior to Expiration of 20 Day Waiting Period
Ordinance No(s).: 6PSF-a, October 3, 2012
Additional Information:
Broadway Genesis Urban Renewal Apartments, LP, residential rental housing project to be constructed by H.E.L.P. New Jersey Development Co., LLC on land located within the City’s North Ward identified on the official tax map of the City of Newark as Block 729, Lots 36.01 through 36.09, (North Ward)
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WHEREAS, on April 18, 2012, the Municipal Council of the City of Newark adopted Resolution 7R3-F(AS) granting a long term tax exemption for a fifteen (15) year term to H.E.L.P. New Jersey Development Co., LLC pursuant to the New Jersey Housing and Mortgage Finance Agency Law of 1983, N.J.S.A. 55:14K-1 et seq. (the “HMFA Law”) for a residential rental affordable housing project to be financed by the New Jersey Housing and Mortgage Finance Agency (the “HMFA”) and to be constructed by H.E.L.P. New Jersey Development Co., LLC on land located within the City’s North Ward identified on the official tax map of the City of Newark as Block 729, Lots 36.01 through 36.09, and more commonly known as 711-715 Broadway, Newark, New Jersey (the “Property”); and
WHEREAS, on April 30, 2012, the Municipal Council adopted Resolution 7R3-D(S)(AS) amending and clarifying the long term tax exemption to be awarded to H.E.L.P. New Jersey Development Co., LLC, pursuant to Resolution 7R3-F(AS) 041812; and
WHEREAS, H.E.L.P. New Jersey Development Co., LLC subsequently advised the City that it no longer intends to finance the project through HMFA financing and that it therefore no longer qualifies for a long term tax exemption for the project under the HM...
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