AN ORDINANCE GRANTING A TWENTY-FIVE (25) YEAR LONG TERM TAX ABATEMENT TO CONCEICAO HOMES URBAN RENEWAL LLC, 91 KOSSUTH STREET, NEWARK, NEW JERSEY 07105 FOR A PROJECT, LOCATED IN THE NORTH WARD AT 452-458 SUMMER AVENUE, NEWARK, NEW JERSEY 07104 AND IDENTIFIED AS BLOCK 625, LOT 17 (FORMERLY KNOWN AS LOTS 17 AND 24) ON THE TAX MAP OF THE CITY (THE “PROPERTY”), TO CONSTRUCT A NEW FIVE (5) STORY RESIDENTIAL BUILDING WITH SIXTY-FIVE (65) RESIDENTIAL UNITS, CONSISTING OF FIFTY-TWO (52) MARKET RATE RESIDENTIAL RENTAL UNITS (TWO (2) STUDIO UNITS, THIRTY-NINE (39) ONE-BEDROOM UNITS, AND ELEVEN (11) TWO-BEDROOM UNITS), (THE “MARKET RATE UNITS”), THIRTEEN (13) AFFORDABLE HOUSING RENTAL UNITS OF WHICH ONE (1) STUDIO UNIT AND TWO (2) ONE-BEDROOM UNITS SHALL BE RESTRICTED TO TENANTS AT 40% OF AREA MEDIAN INCOME (“AMI”), TWO (2) ONE-BEDROOM UNITS AND ONE (1) TWO-BEDROOM UNIT SHALL BE RESTRICTED TO TENANTS AT 60% OF AMI, AND FIVE (5) ONE-BEDROOM UNITS AND TWO (2) TWO-BEDROOM UNITS SHALL BE RESTRICTED TO TENANTS AT 80% OF AMI (THE “INCOME RESTRICTED UNITS”) AND THIRTY-ONE (31) RENTAL PARKING SPACES, 800-QUARE FOOT LOUNGE, AND A 778-SQUARE FOOT GYM (COLLECTIVELY, THE “PROJECT”) (NORTH WARD).

Committee

Economic and Housing Development

Introduced

March 6, 2026

On agenda

June 17, 2026

Passed

July 15, 2026

Where it was heard

Municipal Council Jul 15, 2026 Close on Public Hearing and Adopt Pass Municipal Council Jun 17, 2026 Advance and Adopt on First Reading as 6F- Pass

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