Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Support grant application
Purpose: To support NJDCA Balance Housing 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: GKV Preservation Partnership, L.P.
Entity Address: 1865 Palmer Avenue, Suite 203, Larchmont, New York 10538-1053
Grant Amount: $2,000,000.00
Funding Source: New Jersey Department of Community Affairs Neighborhood Preservation Balance Housing Program
Total Project Cost: $67,069,008.00
City Contribution: $0.00
Other Funding Source/Amount: HMFA and private Lender/$65,069,008.00
Contract Period: N/A
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient (X) n/a
List of Property: (if applicable)
(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:
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WHEREAS, GKV Preservation Partnership, L.P. (the "Entity") seeks to apply for and obtain funds from the New Jersey Department of Community Affairs, Neighborhood Preservation Balanced Housing Program (the "Program") for approximately Two Million Dollars and Zero Cents ($2,000,000.00), or an amount not to exceed the maximum amount allowed in accordance with N.J.A.C. 5:43-1.1 et seq., for the purpose of making certain critical building and utility renovations at Georgia King Village, a 422-unit affordable housing project in the Fairmont Neighborhood of the Cit...
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