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 or 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 seq.), the rules promulgated thereunder at N.J.A.C. 5:80-1 et seq., and all applicable guidelines.
Entity Name: MAR NHA WSV Phase 2, LLC
Entity Address: 921 Elizabeth Avenue, 5th Floor, Elizabeth, New Jersey 07201
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $21,694,950.00
City Contribution: To be determined
Other Funding Source/Amount: $0.00
List of Properties:
(Address/Block/Lot/Ward)
530-570 South 13th Street/Block 310/Lot 1/Central Ward
Additional Information:
body
WHEREAS, MAR NHA WSV Phase 2, LLC (hereinafter referred to as the "Sponsor") proposes to develop a new twenty-three (23) story building consisting of the development of a new 4-story senior building to contain ninety-four (94) affordable residential units, fitness room, wellness room, community/multi-purpose room, game room and on-site management office (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 "NJHMFA Requirements") within the City of Newark (hereinafter referred to as the "Municipality") on a site described as Block 310, Lot 1 as shown on the Official Assessment Map of the City of Newark, Essex County and commonly known as 530-570 South 13th Street, Newark, New Jersey 07013 (Central ...
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