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(s) an existing housing need within the City of Newark, 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: Oak Towers Urban Renewal Entity, LLC
Entity Address: 150 East 52nd Street, 14th floor, New York, NY 10022
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $17,339,117
City Contribution: $0.00
Other Funding Source/Amount: $0.00
List of Properties:
(Address/Block/Lot/Ward)
2-8 and 18-22 Stratford Place/Block 2668/Lots 1 and 9/South Ward
Additional Information:
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WHEREAS, Oak Towers Urban Renewal Entity LLC (hereinafter referred to as the "Sponsor") proposes to construct and operate approximately 75 affordable housing units of which 19 units will be dedicated as supportive housing for homeless veterans within a rental housing project known as Aspen Stratford (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 promulgated thereunder (the foregoing hereinafter collectively referred to as the "HMFA Requirements") within the City of Newark (hereinafter referred to as the "Municipality") on a site described as Block 2668 Lots 1 and 9 as shown on the Official Assessment Map of the City of Newark, Essex County and commonly known as 2-8 and 18-22 Stratford Place, Newark, New Jersey 07108 (South Ward); and
WHEREAS, the Project will be subject...
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