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 Hillside Community I through the Low Income Housing Tax Credit Program
Entity Name: Hillside Community I Urban Renewal, LP
Entity Address: 1 Center Street, Gateway I, Suite 2600, Newark, New Jersey 07102
Funding Source: Conventional
Total Project Cost: $4,048,973.00
City Contribution: N/A
Other Funding Source/Amount: N/A
List of Properties:
(Address/Block/Lot/Ward)
852-856 South 16th Street/Block 3011/Lot 83/ South Ward
Additional Information:
body
WHEREAS, Hillside Community I Urban Renewal, LP, 1 Gateway Center, Suite 2600, Newark New Jersey 07102 (hereinafter referred to as the ("Sponsor") proposes to rehabilitate approximately twenty-five (25) mixed income units of affordable housing on a site described as Block 3011, Lot 83 as shown on the Official Assessment Map of the City of Newark, Essex County, New Jersey and commonly known as 852-856 South 16th Street, Newark, New Jersey 07108, (South Ward) for a project known as Hillside Community I (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
WHEREAS, the Project shall be completed pursuant to 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"); and
WHEREAS, the Project...
Click here for full text