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: New Eden Faith Partners, L.L.C.
Entity Address: 1212 Springfield Avenue, Irvington, New Jersey 07111
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low-Income Housing Tax Credit)
Total Project Cost: $20,921,833.00
City Contribution: N$0.00
Other Funding Source/Amount: $0.00
List of Properties:
(Address/Block/Lot/Ward)
690-700 South 12th Street/Block 2618/Lot 45/South Ward
682-688 South 12th Street/Block 2618/Lot 53/South Ward
Additional Information:
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WHEREAS, New Eden Faith Partners, L.L.C. (hereinafter referred to as the "Sponsor") proposes the construction of a five-story multifamily residential building, consisting of forty-three (43) affordable rental units for low- and moderate- income households earning no more or 60% Area Median Income ("AMI"), four (4) one-bedroom units, twenty-eight (28) two-bedroom units, and eleven (11) three-bedroom units, a fitness center, a roof top terrace, a community room and ground-floor parking reserved for building residents (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 foregoing hereinafter collectively referred to as the "NJHMFA Requirements") within the City of Newark (hereinafter referred to as the "Municipality") on a site described as Block 2618, Lots 45 and 53, as shown on ...
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