Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Need for Housing Project
Purpose: To support NJHMFA Low Income Housing Tax Credit Application for the Newark Badger Avenue Project proposed by Badger Development Company, 27 Prince Street, Elizabeth, New Jersey 07208, for the new construction of One Hundred and Sixty (160) rental units of affordable housing on Block 2718/Lots 62, 66 & 70 aka 306-312 Badger Avenue; 298-304 Badger Avenue; and 314-336 Badger Avenue, Newark, New Jersey 07112 (South Ward).
Entity Name: Badger Development Company
Entity Address: 27 Prince Street, Elizabeth, New Jersey 07208
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $51,967,112.00
City Contribution: Not known at this time
Other Funding Source/Amount: Construction Loan /$31,400,000.00,
LIHTC/$20,574,951.00
List of Properties:
(Address/Block/Lot/Ward)
306-312 Badger Avenue/Block 2718/62/South Ward
298-304 Badger Avenue/Block 2718/66/South Ward
314-336 Badger Avenue/Block 2718/70/South Ward
Additional Information:
body
WHEREAS, Badger Development Company, 27 Prince Street, Elizabeth, New Jersey 07208 (hereinafter referred to as the "Sponsor") proposes the new construction of One Hundred and Sixty (160) rental units of affordable housing, on a site described as Block 2718, Lots 62, 66 & 70 as shown on the Official Tax Map of the City of Newark, Essex County New Jersey and commonly known as 306-312 Badger Avenue; 298-304 Badger Avenue; and 314-336 Badger Avenue, Newark, New Jersey 07112 (South Ward) for a project known as the Newark Badger Avenue Project (hereinafter referred to as the "Project"), to be occupied by households whose income is within guidelines set by the New Jersey Low Income Housing Tax Credit Program; and
WHEREAS, ...
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