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 Grace West a/k/a the Grace West Manor Apartments for the rehabilitation of approximately three hundred twenty-four (324) senior rental units of affordable housing and one hundred four (104) low income townhomes to be located at 221-305 Irvine Turner Blvd., Newark, New Jersey 07102, Block 2583, Lot 1, Central Ward
Entity Name: New Grace West 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: $90,334,061.00
City Contribution: N/A
Other Funding Source/Amount: Projected: HMFA Note 1: $57,000,000.00, Sellers Reserves: $1,500,000.00, LIHTC Equity $26,569,000.00, Income from Operation: $1,550,000.00, Deferred Developer's Fee: $3,715,061.00
List of Properties:
(Address/Block/Lot/Ward)
221-305 Irvine Turner Blvd., Block 2583, Lot 1 (Central Ward)
Additional Information:
N/A
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WHEREAS, New Grace West Urban Renewal, LLC, 551 5th Avenue, 23rd Floor, New York, New York 10176, (hereinafter referred to as the "Sponsor") proposes to rehabilitate approximately three hundred twenty-four (324) senior rental units of affordable housing and one hundred four (104) low income townhomes on a site described as Block 2583, Lot 1 as shown on the Official Assessment Map of the City of Newark, Essex County, New Jersey and commonly known as 221-305 Irvine Turner Blvd. (Central Ward) for a project known as Grace West a/k/a the Grace West Manor 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 ...
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