Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Need for Housing Project
Purpose: Provisions of the New Jersey Housing Mortgage Finance Agency (NJHMFA) Law to enable the Agency to process the sponsor's application for funding a project known as City Hall Apartments, through the Low Income Housing Tax Credit Program
Entity Name: Broad Hill Partners Urban Renewal, LLC.
Entity Address: c/o Urban Builders Collaborative, 334-336 East 110th Street, New York, New York 10029
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit (LIHTC); Freddie Mac Loan; Developer Equity; Deferred Developer Fee)
Total Project Cost: $23,410,363.00
City Contribution: $0.00
Other Funding Source/Amount: Freddie Mac Loan/$9,659,767.00; Developer Equity/$1,158,702.00; Deferred Developer Fee/$1,402,500.00
(Address/Block/Lot/Ward)
915-933 Broad Street/Block 93/Lot 29/ Central Ward
Additional Information:
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WHEREAS, BROAD HILL PARTNERS URBAN RENEWAL, LLC and its assigns (hereinafter referred to as the "Sponsor") proposes to construct and operate a 84-unit affordable and market-rate residential apartment community to be known as the "City Hall Apartments" (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 et seq., and all applicable guidelines (the foregoing hereinafter referred to as the "HMFA Requirements") within the City of Newark (hereinafter referred to as the "Municipality") on a site described as 915-933 Broad Street in the City of Newark, New Jersey (Block 93, Lot 29) (Central Ward) as shown on the Official Assessment Map of the City of Newark, Essex County; and
WHEREAS, the Project will be subject to the HMFA Requirements and the mortgage and other lo...
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