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: Gateway Lofts Urban Renewal, LLC
Entity Address: Newark, New Jersey 07105
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $18,674,317.00
City Contribution: $0.00
Other Funding Source/Amount: $0.00
List of Properties:
(Address/Block/Lot/Ward)
84-92 Parkhurst Street/Block 899/Lot 38/East Ward
Additional Information:
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WHEREAS, Gateway Lofts Urban Renewal, LLC (hereinafter referred to as the "Sponsor") proposes the conversion of a vacant building into fifty-eight (58) residential apartments, of which thirty-one (31) units will be affordable, where 10% of the apartments will be affordable to families earning at or below 30% AMI and twenty-seven (27) units will be market rate (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 "HMFA Requirements") within the City of Newark (hereinafter referred to as the "Municipality") on a site described Block 889, Lot 38 as shown on the Official Assessment Map of the City of Newark, Essex County and commonly known as 84-92 Parkhurst Street, Newark, New Jersey (East Ward); and
WHEREAS, the Project will be subject to the NJHMFA Requirements ...
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