Title
Dept/ Agency: Economic and 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 Community Estates through the Low Income Housing Tax Credit Program.
Entity Name: New Community Estates Urban Renewal Associates, L.P.
Entity Address: 233 W. Market Street, Newark, New Jersey 07103
Funding Source: NJ Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $5,125,573.00
City Contribution: N/A
Other Funding Source/Amount: /$ N/A
List of Properties:
(Address/Block/Lot/Ward)
106-116 14th Avenue/276/1.02/Central Ward; 274-316 Fairmount Avenue/276/1.01/Central Ward
Additional Information:
This is a rehabilitation project of fifty-six (56) units at two (2) properties that are rent restricted for moderate income households.
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WHEREAS, New Community Estates Urban Renewal Associates, L.P. (hereinafter referred to as the "Sponsor") proposes to rehabilitate a fifty-six (56) unit moderate income housing project at two (2) 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 1.01 and 1.02 Block 276 as shown on the Official Assessment Map of the City of Newark, Essex County and commonly known as 106-116 14th Avenue, Newark, New Jersey and 274-316 Fairmount Avenue, Newark, New Jersey ;...
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