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Resolution20-0690

Dept/ Agency: Economic and Housing Development Action: (X) Ratifying (X) Authorizing (X) Amending Type of Service: Need for Housing Project Purpose: To amend the Resolution of Need adopted on June 20, 2018 as Resolution 7R2-g(AS) to reduce the number of senior-restricted units to be constructed by Jelliff Senior Estates Urban Renewal, LLP on the Project, financed through the NJHMFA’s Low Income Housing Tax Credit Program, from fifty-one (51) to fifty (50) to comply with the condition of the approval granted by the Newark Zoning Board of Adjustment that the applicant eliminate the two (2) bedroom apartment on the first floor. Entity Name: Jelliff Senior Estates Urban Renewal, LLP Entity Address: 71 Lake Avenue, Colonia, New Jersey 07067 Funding Source: NJ Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit); Community and Economic Development Dedicated Trust Fund Total Project Cost: $14,699,096.00 City Contribution: $500,000.00 Other Funding Source/Amount: Low Income Housing Tax Credits/$4,857,114.00; HMFA Perm Loan/$6,100,000.00; HMFA Sandy Special Needs Housing Fund/$2,210,000.00; Borrower Deferred Developer Fee/$580,255.00; Borrower Sponsor Loan $451,727.00 List of Properties: (Address/Block/Lot/Ward) 220-224 Jelliff Avenue/Block 2681/Lot 34/South Ward 226-230 Jelliff Avenue/Block 2681/Lots 31, 32/South Ward Additional Information: Original Resolution of Need 7R2-g(AS) adopted on June 20, 2018.

Introduced Jun 14, 2020· Economic and Housing Development
Adopted
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