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: Ivy Hill Park Section I, LLC; Ivy Hill Park Section II, LLC; Ivy Hill Park Section III, LLC; Ivy Park Section IV, LLC and Ivy Hill Park Section V, LLC
Entity Address: 5 Manor Drive, Newark, New Jersey 07106
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $ 220,523,625.00
City Contribution: N/A
Other Funding Source/Amount: $0.00
List of Properties:
(Address/Block/Lot/Ward)
238-254 Mount Vernon Place/Block 4274/Lot 1.01/West Ward
63-97 Manor Drive/Block 4274/Lot 7/West Ward
31-61 Manor Drive/Block 4274/Lot 8/ West Ward
212-236 Mount Vernon Place/Block 4274/Lot 9/West Ward
Additional Information:
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WHEREAS, Ivy Hill Section I LLC, Ivy Hill Section II LLC, Ivy Hill Section III LLC , Ivy Hill Section IV LLC, and Ivy Hill Section V LLC (hereinafter collectively referred to as the "Sponsor") proposes to rehabilitate the existing Ivy Hill Park Apartments, which consists of ten (10) fifteen-story buildings on Mount Vernon Place and Manor Drive with 2,100 units that will be one hundred (100) affordable residential units for tenants with incomes at or below 60% Area Median Income ("AMI")(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 (the f...
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