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 rehabilitating an existing multi-family complex consisting of two (2) 18-story high-rise buildings and twenty-four (24) 2- and 3-story townhouse-style buildings totaling 422 residential units
Entity Name: GK Preservation, LLC.
Entity Address: 1865 Palmer Avenue, Suite 203, Larchmont, New York 10538
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit, Developer Equity)
Total Project Cost: $67,069,008.00
City Contribution: $0.00
Other Funding Source/Amount: $67,069,008.00
List of Properties:
(Address/Block/Lot/Ward)
250 Georgia King Village; 48-70 Littleton Avenue; 4-46 Littleton Avenue; 352-370 West Market Street; 372-374 West Market Street; 17-49 Bergen Street; 200 Georgia King Village, Newark, New Jersey 07107/Block 1808, Lot 1(West Ward)
Additional Information:
body
WHEREAS, GK Preservation LLC (the "Sponsor") proposes to undertake the rehabilitation of an existing multi-family complex consisting of two 18-story high-rise buildings and twenty-four 2- and 3-story townhouse-style buildings totaling 422 residential units (collectively, 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 consisting of properties at 200 & 250 Georgia King Village, 4-46 Littleton Avenue, 48-70 Littleton Avenue, 352-370 West Market Street, 372-374 West Market Street, and 17-49 Bergen Street and also commonl...
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