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: Essex Plaza Owner Two, LLC
Entity Address: c/o Fairstead, 250 West 55th Street, 35th Floor, New York, New York 10019
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $51,557,269.00
City Contribution: $0.00
Other Funding Source/Amount: Low Income Housing Tax Credits - $19,635,000.00; HMFA First Mortgage, Note - $30,078,000.; Deferred Developer Fee - $1,015,069.00
List of Properties:
(Address/Block/Lot/Ward)
15-17 Pennington Street/Block 893/Lot 4/East Ward
31-33 East Kinney Street/Block 884/Lot 1/Central Ward
35-41 East Kinney Street/Block 884/Lot 3/Central Ward
9 Scott Street/Block 884/Lot 31/Central Ward
11 Pennington Street/Block 893/Lot 2/East Ward
13 Pennington Street/Block 893/Lot 3/East Ward
1082 Broad Street/Block 893/Lot 34/East Ward
1080 Broad Street/Block 893/Lot 37/East Ward
1072-1078 Broad Street/Block 893/Lot 44/East Ward
146-152 Orchard Street/Block 894/Lot 1/East Ward
158 Orchard Street/Block 895/Lot 44/East Ward
156 Orchard Street/Block 895/Lot 46/East Ward
154 Orchard Street/Block 895/Lot 48/East Ward
81Lincoln Park/Block 2826/Lot 24/East Ward
83 Lincoln Park/Block 2826/Lot 25/East Ward
Additional Information:
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WHEREAS, Essex Plaza Owner Two, LLC, (hereafter referred to as the "Sponsor") proposes the acquisition and rehabilitation an affordable housing project containing two hundred forty-one (241) multi-family affordable housing unit...
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