Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing () 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 New Hope Village through the Low Income Housing Tax Credit Program.
Entity Name: Village Developers Urban Renewal, LLC, c/o The Alpert Group and New Hope Development Corporation #1
Entity Address: c/o The Alpert Group, One Parker Plaza, Fort Lee, New Jersey 07024
Funding Source: New Jersey Housing Mortgage Finance Agency Tax Exempt Bond Financing Construction Loan, $15,700,000.00; HUD insured FHA Permanent Mortgage through Bellwether Enterprise, $7,500,000.00; HUD Interest Reduction Payment Funding $1,941,155.00; 4% Federal Low Income Housing Tax Credit Equity $10,174,137.00; Sponsor's Financing $15,500,000.00; and Deferred Developer Fee, $762,494.00.
Total Project Cost: $35,877,786.00
City Contribution:
Other Funding Source/Amount: /$
List of Properties:
(Address/Block/Lot/Ward)
173-229 Norfolk Street/Block 417/Lot 20/Central Ward
Additional Information:
body
WHEREAS, Village Developers Urban Renewal, LLC, of One Parker Plaza, Fort Lee, New Jersey 07024 (hereinafter referred to as the "Sponsor") proposes to rehabilitate approximately one hundred sixty nine (169) units of affordable housing (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 417, Lot 20 as shown on the Offic...
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