Title
Dept/ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing (X) Amending
Type of Service: Need for Housing Project
Purpose: To amend the Resolution of Need adopted on June 20, 2018 as Resolution 7R2-g(AS) to reduce the number of senior-restricted units to be constructed by Jelliff Senior Estates Urban Renewal, LLP on the Project, financed through the NJHMFA's Low Income Housing Tax Credit Program, from fifty-one (51) to fifty (50) to comply with the condition of the approval granted by the Newark Zoning Board of Adjustment that the applicant eliminate the two (2) bedroom apartment on the first floor.
Entity Name: Jelliff Senior Estates Urban Renewal, LLP
Entity Address: 71 Lake Avenue, Colonia, New Jersey 07067
Funding Source: NJ Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit); Community and Economic Development Dedicated Trust Fund
Total Project Cost: $14,699,096.00
City Contribution: $500,000.00
Other Funding Source/Amount: Low Income Housing Tax Credits/$4,857,114.00; HMFA Perm Loan/$6,100,000.00; HMFA Sandy Special Needs Housing Fund/$2,210,000.00; Borrower Deferred Developer Fee/$580,255.00; Borrower Sponsor Loan $451,727.00
List of Properties:
(Address/Block/Lot/Ward)
220-224 Jelliff Avenue/Block 2681/Lot 34/South Ward
226-230 Jelliff Avenue/Block 2681/Lots 31, 32/South Ward
Additional Information:
Original Resolution of Need 7R2-g(AS) adopted on June 20, 2018.
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WHEREAS, on June 20, 2018, the Municipal Council (hereinafter referred to as the "Municipality") adopted Resolution 7R2-g(AS) (hereinafter referred to as the "Original Resolution") 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., and 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 the "NJHMFA Requirements") regarding the renta...
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