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-a(s), which grants a Thirty (30) Year Tax Abatement to Southside View, LLC, 1212 Springfield Avenue, Irvington, New Jersey 07111, for a project to construct a new forty (40) unit affordable housing project consisting of thirty-four (34) affordable housing rental units to be rented to tenants at 60% area median income ("AMI") or less, five (5) units reserved for homeless at 30% AMI or less and one (1) superintendent unit, a community center and on-site parking located on real property commonly known as 654-668 South 11th Street, Newark, New Jersey 07103 and identified on the Official Tax Map of the City of Newark as Block 2617, Lots 69, 70, 71, 72, 73, 74, 75, 85, 86, 87 and 88, 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-d(s), adopted on First Reading by the Municipal Council on August 16, 2022.
Ordinance 6PSF-a(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, Southside View, LLC, 1212 Springfield Avenue, Irvington, New Jersey 07111, 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 forty (40) unit affordabl...
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