Resolution13-0962
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing () Amending
Type of Service: Need for Housing Project
Purpose: Resolution supporting the sponsor’s application for funding a project known as Montgomery Heights Phase II through the New Jersey Housing Mortgage Finance Agency Low Income Housing Tax Credit Program.
Entity Name: Montgomery Two Housing Urban Renewal, LLC
Entity Address: 1301 North 31st Street, Philadelphia, Pennsylvania 19121
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $46,341,606.00
City Contribution: N/A
Other Proposed Funding Source/Amount: NJHMFA Mortgage Note /$4,000,000.00 NHA Grant/ $6,200,000.00, NHA CFFP/$10,939,606.00, CDBG -DR/$5,000,000.00, LIHTC Equity/ $17,485,133.00
List of Properties:
(Address/Block/Lot/Ward)
685-715 Dr. Martin Luther King, Jr. Boulevard/Block 2559/Lot 7/ Central Ward
Additional Information:
N/A
Introduced May 16, 2013· Economic and Housing Development