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 as 999 Broad Street -Phase I through the New Jersey Housing mortgage Finance Agency Low Income Housing Tax Credit Program.
Entity Name: Downtown Partners Urban Renewal Associates, 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: $22,738,192.00
City Contribution: N/A
Other Funding Source/Amount: HOME Program Funds /$1,057,652.00
List of Properties:
(Address/Block/Lot/Ward)
999-1005 Broad Street/Block 111/ Lot 70.02 /Central Ward
Additional Information:
Resolution 7R3-A adopted on 022013, approved Federal HOME Program Funds
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WHEREAS, Downtown Partners Urban Renewal Associates, L.P. (hereinafter referred to as the “Sponsor”) proposes to construct approximately 87 mixed-use and mixed income rental units within a housing project known as 999 Broad Street- Phase I (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 70.02 as shown on the Official Assessment Map of the City of Newark, Essex County and commonly known as 999-1005 Broad Street, Newark, New Jersey 07102 (Central Ward); and
WHEREAS, th...
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