Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Need for Housing Project
Purpose: Amend Resolution 7R3-A(S) 032613 by increasing number of units and support the sponsor’s application for funding a project known as Spruce Street Senior Apartments Project through the New Jersey Housing Mortgage Finance Agency Low Income Housing Tax Credit Program.
Entity Name: Spruce Senior Center urban Renewal Associates, LP
Entity Address: 3 East Stow Road, Suite 100, Marlton, New Jersey 08053
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $15,816,503.00
City Contribution: N/A
Other Funding Source/Amount: HUD HOME Program Funds /$1,556,946.00
List of Properties:
(Address/Block/Lot/Ward)
136-146 Spruce Street/Block 2556/Lot 61/Central Ward
Additional Information:
Resolution 7R3-A(S) 032613 supports sponsors application for HMFA Low Income Tax Credit Program Funds Resolution 7R3-A 020613 approved HOME Fund grant for $1,556,946.00
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WHEREAS, through Resolution 7R3-A(S) adopted on March 26, 2013 the City authorized Spruce Senior Center Urban Renewal Associates, LP to submit an application for funding under the Low-Income Housing Tax Credit Program through the New Jersey Housing and Mortgage Finance Agency (HMFA) for the construction of fifty (50) unit rental housing project, known as Spruce Street Senior Apartments; and
WHEREAS, the City seeks to amend Resolution 7R3-A(S) adopted on March 26, 2013 to increase the total number of rental units within the Spruce Street Senior Apartments Project from fifty (50) rental units to read up to approximately fifty seven (57) rental units.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL O...
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