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 a project known as Court Tower Apartments for the rehabilitation of 222 senior rental units of affordable housing to be located on 961-985 Broad Street, Newark, New Jersey 07102 (a/k/a 1 Court Street), Block 111, Lot 75
Entity Name: New Court Street Urban Renewal, LLC
Entity Address: 551 5th Avenue, 23rd Floor, New York, New York 10176
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $35,165,757.00
City Contribution: N/A
Other Funding Source/Amount: Projected: Fannie Mae: $19,366,622.00, IRP: $2,698,638.00, LIHTC Equity $9,548,733.00, Environmental Release and NJHMFA-Replacement Reserve: $2,666,081.00
List of Properties:
(Address/Block/Lot/Ward)
961-985 Broad Street (a/k/a 1 Court Street)/Block 111/Lot 75/Central Ward
Additional Information:
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WHEREAS, New Court Street Urban Renewal, LLC, 551 5th Avenue, 23rd Floor, New York, New York 10176 (hereinafter referred to as the ("Sponsor") proposes to rehabilitate approximately two hundred twenty-two (222) senior rental units of affordable housing on a site described as Block 111, Lot 75 as shown on the Official Assessment Map of the City of Newark, Essex County, New Jersey and commonly known as 961-985 Broad Street, Newark, New Jersey 07102, (a/k/a 1 Court Street) (Central Ward) for a project known as Court Tower Apartments (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
WHERAS, the Project shall be completed pursuant to provisions of the New Jersey Housing and Mortgage Finance Agency Law of 1983, as ame...
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