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Resolution19-1864

Dept/ Agency: Economic and Housing Development Action: ( ) Ratifying (X) Authorizing (X) Amending Type of Service: Resolution of Need for Housing Project Purpose: To support NJHMFA Low Income Housing Tax Credit Application for funding a project known as Belmont Apartments through the Low Income Housing Tax Credit Program. Entity Name: New Center City Apartments Urban Renewal, LLC and New Irvine Turner Apartments Urban Renewal, LLC Entity Address: c/o The NHP Foundation, 122 E. 42nd Street, Suite 4900, New York, New York 10168 Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit) Total Project Cost: $28,747,039.00 City Contribution: N/A Other Funding Source/Amount: N/A List of Properties: (Address/Block/Lot/Ward) 76-80 Court Street/Block 100/Lot 14/Central Ward 40-44 West Kinney Street/Block116/Lot 18 and 20/Central Ward 385-391 Irvine Turner Boulevard/Block 2675/Lot 44/South Ward 393-395 Irvine Turner Boulevard/Block 2675/Lot 41/South Ward 396-402 Irvine Turner Boulevard/Block 2678/Lot 16/South Ward 397-403 Irvine Turner Boulevard/Block 2675/Lot 40/South Ward 416-432 Irvine Turner Boulevard/Block 2693/Lot 7/South Ward Additional Information: Amending Original Resolution 7R3-d(S) adopted June 23, 2016, a resolution of need supporting an application for NJHMFA funds to rehabilitate six (6) buildings containing approximately one hundred and forty-two (142) family rental units of affordable housing, for a project know as Aspen-Belmont Apartments to be occupied by individuals whose income is within guidelines set by the New Jersey Low Income Housing Tax Credit Program. The Original Resolution 7R3-d(S) adopted June 23, 2016, erroneously stated that the project contained one hundred and forty-two (142), instead of one hundred and forty-three (143) rental units.

Introduced Nov 20, 2019· Economic and Housing Development
Adopted
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