Title
Dept/ Agency: Economic and 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 funding a project known as New Community Sussex through the Low Income Housing Tax Credit Program.
Entity Name: New Community Sussex, L.P.
Entity Address: 233 West Market Street, Newark, New Jersey 07103
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $2,449,384.00
City Contribution: N/A
Other Funding Source/Amount: /$ N/A
List of Properties:
(Address/Block/Lot/Ward)
351-357 Sussex Avenue/1888/35, 36, 37, 38/Central Ward
Additional Information:
This is a rehabilitation project of thirty-one (31) units at four (4) properties that are rent restricted for moderate income households.
body
WHEREAS, New Community Sussex, L.P. (hereinafter referred to as the "Sponsor") proposes to rehabilitate a thirty-one (31) unit moderate income housing project at four (4) different properties (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 Lots 35, 36, 37, and 38, Block 1888 as shown on the Official Assessment Map of the City of Newark, Essex County and commonly known as 351-357 Sussex Avenue, Newark, New Jersey; and
WHEREAS, the Project will be ...
Click here for full text