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 The Lantana, through the Low Income Housing Tax Credit Program
Entity Name: The Lantana Urban Renewal, L.P.
Entity Address: 77 Park Street, Montclair, New Jersey 07042
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $20,993,666.00
City Contribution: $750,000.00
Other Funding Source/Amount: Private Lender, NJ DCA, Deferred Developer Fee/$13,763,000.00
List of Properties:
(Address/Block/Lot/Ward)
109-119 Broad Street/Block 523/Lots 1, 3, 4, 5, 51, 54, 59 and 60 (Central Ward), and 130-132 North 11th Street/Block/1926/Lot 1.02 (Central Ward), respectively
Additional Information:
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WHEREAS, THE LANTANA URBAN RENEWAL, L.P. and its assigns (hereinafter referred to as the "Sponsor") proposes to construct and operate a 76 unit affordable and market-rate residential apartment community to be known as The Lantana (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 109-119 Broad Street and 130-132 North 11th Street in the City of Newark, New Jersey (Block 523, Lots 1, 3, 4, 5, 51, 54, 59 and 60 (Central Ward) and Block 1926, Lot 1.02 (Central Ward), respectively, as shown on the Official Assessment Map of the City of Newark, Essex County; and
WHEREAS...
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