7R2
Economic and Housing Development
7R2-a (s)
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Rescind Resolution 7R2-d adopted on March 20,
2024
Purpose: To rescind Resolution 7R2-d adopted on March 20, 2024,
determining that the Project proposed by CO Enterprises, LLC (“Entity”),
meets or will meet an existing housing need within the City of Newark,
enabling New Jersey Housing and Mortgage Finance Agency to process
the Entity’s application for funding to finance the Project
Entity Name: CO Enterprises, LLC
Entity Address: 28 Valley Road, Suite 1, Montclair, New Jersey 07042
Funding Source: New Jersey Housing Mortgage Finance Agency
Program (Low Income Housing Tax Credit)
Total Project Cost: $17,582,951.00
City Contribution: TBD
Other Funding Source/Amount: $0.00
List of Properties:
(Address/Block/Lot/Ward)
117 Aldine Street/Block 3051/Lot 21/South Ward
119-121 Aldine Street/Block 3051/Lot 22/Additional Lot 23/South Ward
295 Lyons Avenue/Block 3051/Lot 24/South Ward
297-299 Lyons Avenue/Block 3051/Lot 25/Additional Lot 26/South Ward
301 Lyons Avenue/Block 3051/Lot 27/South Ward
303 Lyons Avenue/Block 3051/Lot 28/South Ward
Additional Information:
Original Resolution 7R2-d was adopted on March 20, 2024
This Resolution rescinds the Need for Housing Project for NJHMFA
Funding for CO Enterprises, LLC due to
a
name change and
amendment to the original Redevelopment Agreement.