Dept/ Agency: Economic Housing and Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Purpose: Approving HMFA Financial Agreement Project Information: RESOLUTION OF THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK GRANTING A THIRTY (30) YEAR TAX ABATEMENT PURSUANT TO THE NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY LAW OF 1983, AS AMENDED AND SUPPLEMENTED, N.J.S.A. 55:14K-1 ET SEQ. TO NEW EDEN FAITH PARTNERS LLC, 1212 SPRINGFIELD AVENUE, IRVINGTON, NEW JERSEY 07111, FOR A PROJECT TO CONSTRUCT A NEW 100% AFFORDABLE MULTI-FAMILY APARTMENT COMMUNITY WITH FORTY-THREE (43) APARTMENTS IN A 5-STORY, ELEVATOR BUILDING, CONSISTING OF FOUR (4) ONE-BEDROOM UNITS, TWENTY-EIGHT (28) TWO-BEDROOM UNITS AND ELEVEN (11) THREE-BEDROOM UNITS, OF WHICH ONE (1) ONE-BEDROOM UNIT, TWO (2) TWO-BEDROOM UNITS, AND TWO (2) THREE-BEDROOM UNITS SHALL BE SET ASIDE FOR INDIVIDUALS WITH SPECIAL NEEDS AND RESTRICTED TO TENANTS AT OR BELOW 20% OF THE AREA MEDIAN INCOME (“AMI”), AND THREE (3) ONE-BEDROOM UNITS, TWENTY-SIX (26) TWO-BEDROOM UNITS, AND NINE (9) THREE-BEDROOM UNITS SHALL BE RESTRICTED TO TENANTS AT OR BELOW 60% OF THE AMI, (THE “INCOME RESTRICTED UNITS”), INCLUSIVE OF A TWENTY-FOUR (24) CAR PARKING GARAGE, LOCATED ON REAL PROPERTY COMMONLY KNOWN AS 690-700 SOUTH 12TH STREET AND 682-688 SOUTH 12TH STREET, NEWARK, NJ 07103 AND IDENTIFIED ON THE CITY’S TAX MAP AS BLOCK 2618, LOTS 45 AND 53 (COLLECTIVELY, THE “PROJECT”). Additional Information:

Resolution Adopted Introduced May 18, 2026

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