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: Sheila Y Oliver Senior Housing Community, 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: $17,785,352.00
City Contribution: 0
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:
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WHEREAS, Sheila Y Oliver Senior Housing Community, LLC (hereinafter referred to as the "Sponsor") proposes to develop 48 newly constructed, 100% affordable senior housing, 42 units at 60% Area Median Income ("AMI"), 5 units at 20% AMI for special needs population, and 1 unit dedicated as the superintendent apartment (hereinafter 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 (hereinafter collectively the "NJHMFA Requirements") within the City of Newark (hereinafterthe "Municipality") on a site described as Block 3051, Lots 21, 22, 23, 24, 25, 26, 27...
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