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 Law to enable the Agency to process the sponsor's application for funding a project known as Jelliff Senior Estate Apartments through the Low Income Housing Tax Credit Program
Entity Name: Jelliff Senior Estates Urban Renewal, LLC
Entity Address: 71 Lake Avenue, Colonia, New Jersey 07067
Funding Source: Redevelopment Economic Development Dedicated Trust Fund
Total Project Cost: $12,960,574.00
City Contribution: $500,000.00
Other Funding Source/Amount: Low Income Housing Tax Credits/$5,168,146.00; Construction Loan/$6,470,242.00; Deferred Developer Fee/$500,000.00; Borrower Equity/$322,186.00
List of Properties:
(Address/Block/Lot/Ward)
220-224 Jelliff Avenue, Block 2681, Lot 34; 226-230 Jelliff Avenue, Block 2681, Lots 31 and 32(South Ward)
Additional Information:
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WHEREAS, Jelliff Senior Estates Urban Renewal, LLC, (hereafter referred to as the "Sponsor") proposes to construct and operate fifty-one (51) senior affordable housing units in a rental housing project known as Jelliff Senior Estate Apartments (hereafter 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 collectively referred to as "NJHMFA Requirements") within the City of Newark (hereafter referred to as the "Municipality") on a site described as Block 2681, Lots 31, 32, and 34, as shown on the Official Assessment Map of the City of Newark, Essex County and commonly known as 226-230 and 220-224 Jelliff Avenue, Newark, New Jersey (South Ward); and
WHEREAS, the Project will be subject to the NJHMF...
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