Title
Dept./ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Waiving 20 day period for an Ordinance to take effect
Purpose: This Resolution seeks to authorize an emergency be declared to exist, for Ordinance 6PSF-c(s), which grants a Thirty (30) Year Tax Abatement to MAR NHA WSV Phase 2, LLC, 921 Elizabeth Avenue, 5th Floor, Elizabeth, New Jersey 07201, for a project to construct a new building with a total of ninety-four (94) senior residential rental units, consisting of ten (10) units that shall be rented to tenants at 30% area medium income ("AMI") of less, thirty-eight (38) units at 50% AMI or less, forty-five (45) units at 60% AMI or less, and one (1) superintendent unit located on real property commonly known as 530-570 South 13th Street, Newark, New Jersey 07103 and identified on the Official Tax Map of the City of Newark as Block 310, Lot 1, to become effective once adopted by the Municipal Council after Public Hearing, Second Reading and Final Passage, in accordance with N.J.S.A. 40:69A-181(b). This is due to the exigent need for the Project to meet the New Jersey Housing and Mortgage Finance Agency's 9% Tax Credits application deadline of August 31, 2022 and to address the need for affordable housing in the City of Newark.
Ordinance No(s).:
Ordinance 6F-e(s), adopted on First Reading by the Municipal Council on August 16, 2022.
Ordinance 6PSF-c(s) is scheduled for a Public Hearing, Second Reading and Final Passage on August 30, 2022 subject to the Municipal Council's vote to pass this Resolution.
Additional Information:
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WHEREAS, MAR NHA WSV Phase 2, LLC, 921 Elizabeth Avenue, 5th Floor, Elizabeth, New Jersey 07201, filed an application with the Mayor of the City of Newark seeking a long term tax abatement, pursuant to the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq, for a project to construct a new building with a total of ninety-four (94) senior r...
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