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: Nevada Preservation, LLC
Entity Address: 250 West 55th Street, 35th Floor, New York, New York 10019
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low-Income Housing Tax Credit)
Total Project Cost: $164,999,642.00
City Contribution: $0.00
Other Funding Source/Amount: $0.00
List of Properties:
(Address/Block/Lot/Ward)
987-997 Mayor Kenneth A. Gibson Boulevard/Block 111/Lot 76/Central Ward
Additional Information:
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WHEREAS, Nevada Preservation, LLC (hereinafter referred to as the "Sponsor") proposes the unit-level improvements, common area upgrades and upgraded infrastructure of an existing senior building consisting of 306 residential units restricted to households earning no more than 60% of 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 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 111, Lot 26 as shown on the Official Assessment Map of the City of Newark, Essex County and commonly known as 987-997 Mayor Kenneth A. Gibson Boulevard, Newark, New Jersey (Central Ward); and
WHEREAS, the current owner of the property is Nevada Str...
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