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: 260 Washington St Urban Renewal, LLC
Entity Address: Hicksville, New York 11802
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $83,710,689.00
City Contribution: To Be Determined
Other Funding Source/Amount: $0.00
List of Properties:
(Address/Block/Lot/Ward)
272 Washington Street/Block 60/Lot 2/Central Ward
270 Washington Street/Block 60/Lot 3/Central Ward
268 Washington Street/Block 60/Lot 4/Central Ward
260-266 Washington Street/Block 60/ Lot 5/Additional Lot 6/Central Ward
Additional Information:
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WHEREAS, 260 Washington St Urban Renewal, LLC (hereinafter referred to as the "Sponsor") proposes to develop a new (23) story building consisting of approximately: (i) (140) market rate residential units, (ii) (67) affordable housing rental units to be rented to tenants at 50% Area Median Income; and (iii) (6,000) square feet of ground floor retail (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 (the foregoing hereinafter collectively referred to as the "NJHMFA Requirements") within the City of Newark (hereinafter referred to as the "Municipality") on a site described Block 60, Lots 2, 3, 4, 5 and 6 as shown on the Official Assessment Map of the City of Ne...
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