24-1359

AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO CROWN VILLAGE URBAN RENEWAL, INC., 27 PRINCE STREET, ELIZABETH, NEW JERSEY 07208, FOR A PROJECT TO CONSTRUCT TWO RESIDENTIAL AFFORDABLE HOUSING BUILDINGS CONSISTING OF ONE-HUNDRED-EIGHTY-FIVE (185) RESIDENTIAL RENTAL UNITS, WHEREIN THE FIRST BUILDING SHALL CONSIST OF ONE-HUNDRED-EIGHT (108) SENIOR AFFORDABLE HOUSING UNITS, OF WHICH TWENTY (20) UNITS SHALL BE RESTRICTED TO TENANTS AT 50% AREA MEDIAN INCOME (“AMI”) AND EIGHTY-EIGHT (88) UNITS SHALL BE RESTRICTED TO TENANTS AT 60% AMI (THE “BUILDING 1 INCOME RESTRICTED UNITS”), AND THE SECOND BUILDING SHALL CONSIST OF SEVENTY-SEVEN (77) NON-SENIOR AFFORDABLE HOUSING UNITS, OF WHICH FOUR (4) UNITS SHALL BE RESTRICTED TO TENANTS AT 50% AMI AND SEVENTY-THREE (73) UNITS SHALL BE RESTRICTED TO TENANTS AT 60% AMI (THE “BUILDING 2 INCOME RESTRICTED UNITS”), AND APPROXIMATELY 9,115 SQUARE FEET OF COMMERCIAL SPACE AND APPROXIMATELY 86% OF ON-SITE PARKING SPACES LOCATED AT 552 AND 554-566 SOUTH ORANGE AVENUE AND 412, 414, 416, AND 418 GROVE STREET, NEWARK, NEW JERSEY AND IDENTIFIED ON THE CITY’S TAX MAP AS BLOCK 4001, LOTS 1, 2, 19, 20, 21, AND 32. (WEST WARD) Deferred 6PSF-d 120325

Ordinance Adopted Introduced October 3, 2024

Where it was heard