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Owner name corrected on Somerset Homes tax abatement

City of Newark logoCity of Newark
Document date
Dec 9, 2025
Term
Fifteen (15) year tax abatement

The 30-second brief

What it covers

An ordinance was introduced to recognize Somerset Homes Urban Renewal, LLC as the proper project owner under a previously approved 15-year tax abatement for 38 affordable rental units at 172 Somerset Street. The financial agreement is amended and restated to correct the owner name while maintaining the abatement.

Who holds it

Somerset Homes Urban Renewal LLC holds this financial services contract with City of Newark. Its other public contracts on record include work for Newark - Department of Law and Newark - Department of Health & Community Wellness.

What happens next

Term as filed: Fifteen (15) year tax abatement.

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Contract details

Contract type
Financial Services
Document date
December 9, 2025
Term
Fifteen (15) year tax abatement
Vendor
Somerset Homes Urban Renewal LLC
Agency
City of Newark
Source document
city_of_newark_municipal_council_special_meeting_a.pdf (Agenda)

Somerset Homes Urban Renewal LLC's other public contracts

City of Newark, New JerseyNewark Approves Somerset Housing Agreement Assignment · Nov 2, 2026UndisclosedNewark - Department of Law, New JerseyNewark Defers Somerset Homes Housing Agreement · Sep 23, 2026UndisclosedNewark - Department of Health & Community Wellness, New JerseyNewark Advances Somerset Housing Agreement Assignment · Sep 19, 2026UndisclosedNewark - Department of Health & Community Wellness, New JerseyNewark Approves Somerset Housing Agreement Assignment · Sep 19, 2026UndisclosedNewark - Department of Public Works, New JerseyNewark Agenda Advances Somerset Housing Assignment · Sep 19, 2026UndisclosedAll Somerset Homes Urban Renewal LLC contractsVendor profile

More City of Newark contracts

Central Jersey Collision Dba Elizabeth Truck CenterNewark Authorizes Elizabeth Truck Center Agreement · Nov 2, 2026Somerset Homes Urban Renewal LLCNewark Approves Somerset Housing Agreement Assignment · Nov 2, 2026UndisclosedNew Jersey Board of Public UtilitiesNewark Ratifies $25,000 Community Energy Grant · Nov 2, 2026$25KUnited States Department of Housing & Urban Development (Hud)Newark Ratifies $16 Million HUD Funding Agreement · Nov 2, 2026$16MTethys Somerset Urban Renewal LLCNewark Approves Tethys Somerset Agreement Assignment · Nov 2, 2026UndisclosedAll City of Newark activityAgency profile

Questions about this contract

Who was awarded the financial services contract by City of Newark?

Somerset Homes Urban Renewal LLC was awarded this financial services contract by City of Newark, as recorded on December 9, 2025.

What type of contract is this?

This is a Financial Services contract, documented as a agenda record.

Where was this contract approved?

This contract appears in city_of_newark_municipal_council_special_meeting_a.pdf (Agenda), dated December 9, 2025 from City of Newark. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

What other contracts does Somerset Homes Urban Renewal LLC hold?

Somerset Homes Urban Renewal LLC may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.

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