Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Need for Housing Project
Purpose: To support New Jersey Housing and Mortgage Finance Agency Low Income Housing Tax Credit Application for funding a project known as 540 Broad Street through the Low Income Housing Tax Credit Program.
Entity Name: 540 Broad Street Owners, LLC
Entity Address: 1865 Palmer Avenue, Suite 203, Larchmont, New York 10538
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Bond Financing and Low Income Housing Tax Credit)
Total Project Cost: $107,515,000.00
City Contribution: N/A
Other Funding Source/Amount: Sponsor Equity, Mezzanine Debt Financing
List of Properties:
(Address/Block/Lot/Ward)
540 Broad Street/Block 24, Lot 29/Central Ward
Additional Information:
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WHEREAS, 540 Broad Street Owners LLC (hereinafter referred to as the "Sponsor") proposes to undertake the adaptive re-use of an existing, underutilized 400,000 square foot office building into a 266 unit affordable and market rate housing project for families, including office/non-residential space, retail space, and all related improvements and amenities (hereinafter, 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 Lot 29, Block 24 as shown on the Official Assessment Map of the City of Newark, County of Essex, New Jersey, which property is also known as 540 Broad Street, New Jersey (the "Project Site"); and
WHEREAS, the Project will be subject to the HMFA Requirements and the mortgage and other ...
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