Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing () Amending
Type of Service: Need for Housing Project
Purpose: Resolution supporting the Sponsor’s application for funding a project known 999 Broad Street- Phase II through the New Jersey Housing Mortgage Finance Low Income Housing Tax Credit Program.
Entity Name: Downtown Partners Urban Renewal Associates II, L.P
Entity Address: 77 Park Street, Montclair, New Jersey 07042
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $19,314,626.00
City Contribution: N/A
Other Funding Source/Amount: N/A /$
List of Properties:
(Address/Block/Lot/Ward)
46-60 Nevada Street/Block 111/ Lot 70.1/Central Ward
Additional Information:
N/A
body
WHEREAS, Downtown Partners Urban Renewal Associates II, L.P. (hereinafter referred to as the “Sponsor”) proposes to construct approximately 75 affordable housing units within a rental housing project known as 999 Broad Street- Phase II (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. 5:80-1.1 et seq. and all applicable guidelines promulgated thereunder (the foregoing hereinafter collectively referred to as the “HMFA Requirements”) within the City of Newark (hereinafter referred to as the “Municipality”) on a site described as Block 111, Lot 70.1 as shown on the Official Assessment Map of the City of Newark, Essex County and commonly known as 46-60 Nevada Street, Newark, New Jersey 07102 (Central Ward); and
WHEREAS, the Project will be subject to the HMFA Requirements and the mortgage and o...
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