Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Resolution of Need for Housing Project
Purpose: To support HJHMFA Low Income Housing Tax Credit Application for the Baxter Park South Phase II housing project proposed by Baxter II Residences Urban Renewal, LP, 2430 Estancia Blvd., Suite 101, Clearwater, FL 33761, for construction of 330 rental units of affordable housing on Block 2833.03 Lot 2 and Block 2854 lot 1.
Entity Name: Baxter II Residences Urban Renewal, LP
Entity Address: 2430 Estancia Blvd., Suite 101, Clearwater, Florida 33761
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $109,181,161.00 (Approximately)
City Contribution: Not yet Identified
Other Funding Source/Amount: Not yet identified
List of Properties:
(Address/Block/Lot/Ward)
158-176 James Street/Block 2833.03/ Lot 2/Central Ward
180-248 Orange Street/Block 2854/Lot 1/Central Ward
Additional Information:
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WHEREAS, Baxter II Residences Urban Renewal, LP, 2430 Estancia Blvd., Suite 101, Clearwater, Florida 33761, hereinafter referred to as the ("Sponsor"), proposes to construct approximately three hundred thirty (330) rental units of affordable housing on a site described as Block 2833.03, Lot 2 and Block 2854, Lot 1, as shown on the Official Assessment Map of the City of Newark, Essex County, New Jersey and commonly known as, 158-176 James Street, Newark, New Jersey (Central Ward), and 180-248 Orange Street, Newark, New Jersey (Central Ward), for a project known as Baxter Park South Phase II (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; and
WHEREAS, the Project shall be completed pursuant to provisions of the New Jersey Housing and Mortgage Finance Agency Law...
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