Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Need for Housing Project
Purpose: Resolution supporting application of 609 Broad Street, LLC for funding under the Low Income Housing Tax Credit Program through the New Jersey Housing Mortgage Finance Agency for a project known as 609 Broad Street.
Entity Name: 609 Broad Street, LLC
Entity Address: 1865 Palmer Avenue, Suite 203 Larchmont, New York 10538
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $129,393,053 approximately
City Contribution: N/A
Other Funding Source/Amount: N/A /$
List of Properties:
(Address/Block/Lot/Ward)
609-633 Broad Street/ /Block 18/Lot 39 /Central Ward.
Additional Information:
Entity is also requesting a thirty year (30) tax abatement on the project.
No Action Taken 7R3-d 100213
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WHEREAS, 609 Broad Street LLC, 1865 Palmer Avenue, Suite 203 Larchmont, New York 10538 (hereinafter referred to as the ("Sponsor") proposes to construct approximately one hundred eighty-two (182) rental units of affordable housing on a site described as Block 18, Lot 39, as shown on the Official Assessment Map of the City of Newark, Essex County, New Jersey and commonly known as, 609-633 Broad Street, Newark, New Jersey 07102 (Central Ward), for a project known as 609 Broad Street (hereinafter referred to as the "Project"), to be occupied by individuals whose income is within guidelines set by the New Jersey Low Income Housing Tax Credit program.
WHERAS, the Project shall be completed pursuant to 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....
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