Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Need for Housing Project
Purpose: Resolution supporting Sponsor's application for funding a project known as Somerset Brownstones Family Project through the New Jersey Housing mortgage Finance Agency Low Income Housing Tax Credit Program.
Entity Name: Somerset Brownstones Urban Renewal Associates, L.P.
Entity Address: 3 East Stow Road, Marlton, New Jersey 08053
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $21,472,125.00
City Contribution: N/A
Other Funding Source/Amount: N/A /$
List of Properties:
(Address/Block/Lot/Ward)
1-55 Somerset Street/Block 256/Lot 1/Central Ward
Additional Information:
Ordinance6PSFB(S) 043012, granted entity a Thirty (30) Year Long Term Tax Exemption
Resolution 7R3-A(S) 112911, approved contract with the entity for Private Sale/Redevelopment of the Property
body
WHEREAS, Somerset Brownstones Urban Renewal, Associates, L.P. (hereinafter referred to as the "Sponsor") proposes to construct approximately sixty (60) affordable housing units within the rental housing project known as Somerset Brownstone Family Project (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 2556, Lot 1, as shown on the Official Assessment Map of the City of N...
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