Title
Dept./ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Need for Housing Project
Purpose: Second Amendment to Resolution 7R2-d(AS) adopted on April 21, 2021, revising the site location referenced within the Resolution and on the Sponsor's application with New Jersey Housing and Mortgage Finance Agency Low Income Housing Tax Credit Program for funding for the Project known as Essex Plaza Two and Three.
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;
NJHMFA First Mortgage, Note - $30,078,000.00; and
Deferred Developer Fee - $1,015,069.00
List of Properties:
(Address/Block/Lot/Ward)
76 Orchard Street/Block 885/Lot 41/Central Ward
74 Orchard Street/Block 885/Lot 42/Central Ward
72 Orchard Street/Block 885/Lot 43/Central Ward
11 Pennington Street/Block 893/Lot 2/East Ward
13 Pennington Street/Block 893/Lot 3/East Ward
15-17 Pennington Street/Block 893/Lot 4/East Ward
19-31 Pennington Street/Block 893/Lot 6/East Ward
1082 Broad Street/Block 893/Lot 34/East Ward
1080- Broad Street/Block 893/Lot 36/East Ward
1080 Broad Street/Block 893/Lot 37/East Ward
1078- Broad Street/Block 893/Lot 38/East Ward
146-152 Orchard Street/Block 894/Lots 1 and 4/East Ward
81 Lincoln Park/Block 2826/Lot 24/East Ward
83 Lincoln Park/Block 2826/Lot 25/East Ward
Additional Information:
Original Resolution 7R2-d(AS) adopted on April 21, 2021, authorized the Municipal Council's determination that the proposed Project meets 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...
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