Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Resolution of Need for Housing Project
Purpose: To support NJHMFA Low Income Housing Tax Credit Application for funding a project known as Belmont Apartments through the Low Income Housing Tax Credit Program.
Entity Name: Carthage Belmont LLC
Entity Address: 111 South Munn Avenue, East Orange, New Jersey 07018, Block 2675, Lot 41
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $28,747,039.00
City Contribution: N/A
Other Funding Source/Amount: N/A /$
List of Properties:
(Address/Block/Lot/Ward)
393-395 Irvine Turner Boulevard (Block 2675, Lot 41)
416-422 Irvine Turner Boulevard (Block 2693, Lot 7)
416-422 Irvine Turner Boulevard (Block 2765, Lot 40)
399 Irvine Turner Boulevard (Block 2678, Lot 16)
400 Irvine Turner Boulevard (Block 100, Lot 14) collectively known as "Aspen-Belmont Apartments" and (South Ward)
Additional Information:
To rehabilitate six (6) buildings containing approximately one hundred forty-two (142) family rental units of affordable housing for a project know as Belmont Apartments (393-395 Belmont Avenue and 416-422 Belmont Avenue), Aspen-Belmont Apartments (399 Belmont Avenue and 400 Belmont Avenue), Center City Housing #9B (76-80 Court Street), and Center City Housing 9 (40 West Kinney Street) (the "Project") to be occupied by individuals whose income is within guidelines set by the New Jersey Low Income Housing Tax Credit Program.
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WHEREAS, Carthage Belmont, LLC (Carthage Belmont Urban Renewal, LLC in formation) 111 South Munn Avenue, East Orange, New Jersey 07018, (hereinafter referred to as the "Sponsor") proposes to rehabilitate six (6) buildings containing approximately one hundred forty-two (142) famil...
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