City of Newark Meeting Agenda 2026-06-17
Council Backs Stella Gardens LIHTC Housing Plan
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Description
Newark’s Council found that the proposed Stella Gardens Preservation project at 331-343 Springfield Avenue meets an existing housing need and endorsed its financing through Low-Income Housing Tax Credits from the New Jersey Housing Mortgage Finance Agency. The project’s total cost is estimated at $137.7 million with no direct City funding.
Contract Details
Contract Amount
$137,665,418.00
Vendor
STELLA GARDENS PRESERVATION LLC
Agency
City of Newark, NJ
Contract Type
OTHER
Document Date
June 17, 2026
Renewal Info
Support resolution relates to state tax credit financing; no contract renewal terms with the City were specified.
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