Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Need for Housing Project
Purpose: To determine whether the proposed Project will meet or meets an existing housing need within the City of Newark, New Jersey, 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.
Entity Name: Weequahic Preservation, LLC
Entity Address: 1865 Palmer Avenue, Suite 203, Larchmont, New York 10538
Funding Source: New Jersey Housing Mortgage Finance Agency Subsidy; Low Income Housing Tax Credit; Private Loan)
Total Project Cost: $48,139,186
City Contribution: $0.00
Other Funding Source/Amount: $0.00
List of Properties:
(Address/Block/Lot/Ward)
507-519 Elizabeth Avenue/Block 3637/ Lot 106 (South Ward)
Additional Information:
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WHEREAS, Weequahic Preservation, LLC and its assigns (hereinafter referred to as the "Sponsor") proposes to substantially rehabilitate and operate a 286-unit, high-rise, low-income, Section 8 housing project known as Zion Towers (hereinafter referred to as the "Project") pursuant to the provisions of the New Jersey Housing and Mortgage Finance Agency Law (NJHMFA) 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 "NJHMFA Requirements") within the City of Newark (hereinafter referred to as the "Municipality") on a site described as 507-519 Elizabeth Avenue in the City of Newark, New Jersey (Block 3637, Lot 106) as shown on the Official Assessment Map of the City of Newark, Essex County; and
WHEREAS, the Project will be subject to the NJHMFA Requirements and the mortgage and other loan documents executed between the Sponsor and the...
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