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 The Lantana through the New Jersey Housing Mortgage Finance Agency Low Income Housing Tax Credit Program.
Entity Name: Lantana Urban Renewal, 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: $15,563,693.00
City Contribution: N/A
Other Funding Source/Amount: N/A
List of Properties:
(Address/Block/Lot/Ward)
109-119 Broad Street/ Block 523/ Lots 1,3-5,51,54,59,60/Central Ward
Additional Information:
Ordinance 6PSFA(S) 043012, approved a Thirty (30) Tax Abatement
Resolution 7R3-L 091510, subsidized acquisition of foreclosed units
body
WHEREAS, The Lantana Urban Renewal, L.P. (hereinafter referred to as the “Sponsor”) proposes to construct up to approximately 60 affordable housing units within a rental housing project known as The Lantana (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 523, Lots 1,3-5,51,54,59, and 60 as shown on the Official Assessment Map of the City of Newark, Essex County and commonly known as 109-119 Broad Street, Newark, New Jersey 07102 (Central Ward); and
WHEREAS, the Project will be subject to the HMFA Requir...
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