Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Need for Housing Project
Purpose: Resolution supporting the application of Four Corners Millennium Project Urban Renewal Entity, LLC, for funding of Component 1 of a project to construct 705 rental units of affordable housing known as Four Corners Millennium Project through the New Jersey Housing Mortgage Finance Agency Low Income Housing Tax Credit Program.
Entity Name: Four Corners Millennium Project Urban Renewal Entity, LLC or an affiliate
Entity Address: 89 Market Street, 8th Floor, Newark, New Jersey 07102
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $199,008,684.00 (Approximately)
City Contribution: N/A
Other Funding Source/Amount: N/A /$
List of Properties:
(Address/Block/Lot/Ward)
12 Beaver Street/ Block 146/ Lot 55/Central Ward
193-195 Market Street /Block 146/ Lot 38/Central Ward
197 Market Street /Block 146/ Lot 37/ Central Ward
199-201 Market Street /Block 146/ Lot 35 /Central Ward
241-251 Washington Street /Block 72/ Lot 1/Central Ward
101-103 Market Street/ Block 72/ Lot 4 /Central Ward
97-99 Market Street/ Block 72/Lot 5/Central Ward
93-95 Market Street /Block 72/ Lot 6 /Central Ward
233-237 Washington Street/ Block 72/Lot 45 /Central Ward,
239 Washington Street /Block 72/ Lot 47/Central Ward
Additional Information:
N/A
No Action Taken 7R3-f 102313
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WHEREAS, Four Corners Millennium Project Urban Renewal Entity, LLC, 89 Market Street, 8th Floor, Newark, New Jersey 07102,or an affiliate (hereinafter referred to as the "Sponsor") proposes to construct 705 rental units of affordable housing to be occupied by individuals whose income is within guidelines set by the New Jer...
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