Resolution15-1533
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Need for Housing Project
Purpose: To support NJHMFA Low Income Housing Tax Credit Application for a project known as Court Tower Apartments for the rehabilitation of 222 senior rental units of affordable housing to be located on 961-985 Broad Street, Newark, New Jersey 07102 (a/k/a 1 Court Street), Block 111, Lot 75
Entity Name: New Court Street Urban Renewal, LLC
Entity Address: 551 5th Avenue, 23rd Floor, New York, New York 10176
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $35,165,757.00
City Contribution: N/A
Other Funding Source/Amount: Projected: Fannie Mae: $19,366,622.00, IRP: $2,698,638.00, LIHTC Equity $9,548,733.00, Environmental Release and NJHMFA-Replacement Reserve: $2,666,081.00
List of Properties:
(Address/Block/Lot/Ward)
961-985 Broad Street (a/k/a 1 Court Street)/Block 111/Lot 75/Central Ward
Additional Information:
Introduced Aug 6, 2015· Economic and Housing Development