AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT UNDER THE HMFA LAW TO FULTON STREET NEWARK, LLC, HAVING ITS PRINCIPAL OFFICE AT BERGER ORGANIZATION, ROBERT TREAT CENTER, FIFTY PARK PLACE, NEWARK, NEW JERSEY 07102 FOR A PROJECT TO CONSTRUCT A NEW MULTI-FAMILY HOUSING PROJECT, CONSISTING OF THREE HUNDRED AND NINETY-SIX (396) RESIDENTIAL UNITS, OF WHICH THREE HUNDRED SIXTEEN (316) ARE MARKET RATE RESIDENTIAL RENTAL UNITS (THE “MARKET RATE UNITS”), OF WHICH EIGHTY (80) ARE AFFORDABLE RENTAL UNITS, OF WHICH FIVE (5) TRANSITIONAL HOUSING UNITS SHALL BE RESTRICTED TO TENANTS AT 30% OF THE AREA MEDIAN INCOME (“AMI”), WHICH INCLUDE TWO (2) TWO-BEDROOM APARTMENTS AND THREE (3) ONE-BEDROOM APARTMENTS, FORTY-SEVEN (47) UNITS SHALL BE RESTRICTED TO TENANTS AT 50% OF THE AMI, WHICH INCLUDE NINETEEN (19) STUDIO APARTMENTS, TWENTY-TWO (22) ONE-BEDROOM APARTMENTS, AND SIX (6) TWO-BEDROOM APARTMENTS, AND TWENTY-EIGHT (28) UNITS SHALL BE RESTRICTED TO TENANTS AT 80% OF THE AMI, WHICH INCLUDE FOURTEEN (14) STUDIO APARTMENTS, THIRTEEN (13) ONE-BEDROOM APARTMENTS, AND ONE (1) TWO-BEDROOM APARTMENT (THE “INCOME RESTRICTED UNITS”), 4,726 SQUARE FEET OF GROUND FLOOR COMMERCIAL SPACE (THE “RETAIL”), AND A 107-CAR PARKING GARAGE, LOCATED ON REAL PROPERTY COMMONLY KNOWN AS 16-32 FULTON STREET, NEWARK, NEW JERSEY AND IDENTIFIED ON THE CITY’S TAX MAP AS BLOCK 14, LOT 43 (FORMERLY KNOWN AS BLOCK 43, 44, 45, 46, 47, 48, 49, 50, AND 51). (CENTRAL WARD) Deferred 6PSF-b 041625

Committee

Economic and Housing Development

Introduced

February 3, 2025

On agenda

April 2, 2025

Passed

May 7, 2025

Where it was heard

Municipal Council May 7, 2025 Close on Public Hearing and Adopt Pass Municipal Council Apr 16, 2025 Amend on public hearing and deferred Pass Municipal Council Apr 2, 2025 Advance and Adopt on First Reading as 6F- Pass

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