Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Need for Housing Project
Purpose: Resolution supporting the application of Fairview Homes Preservation, L.P, through New Jersey Housing Mortgage and Finance Agency Law to enable the Agency to process the sponsor's application for funding a project known as Fairview Home Project through the Low Income Housing Tax Credit Program.
Entity Name: Fairview Homes, L.P. or an affiliate
Entity Address: 60 Columbus Circle, New York, New York, 10023
Funding Source: NJ Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $23,168,478 (approximately )
City Contribution: N/A
Other Funding Source/Amount: To be determined /$
List of Properties:
(Address/Block/Lot/Ward)
70-96 17th Avenue, Block 2547/Lot 1 Central Ward
Additional Information:
Property listed under Fairview Homes ACQUI
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WHEREAS, Fairview Homes, L.P. or an affiliate (hereinafter referred to as the "Sponsor") proposes to construct approximately one hundred thirty five (135) affordable housing units within the rental housing project known as Fairview Homes 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 2547, Lot 1 as shown on the Official Assessment Map of the City of Newark, Essex County and commonly known as 70-96 17th Avenue, Newark, New Jersey 07103 ( Central Ward); and
WHEREAS,...
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