City of Newark Municipal Council Meeting Agenda 2026-06-17
Council backs Stella Gardens affordable housing financing plan
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Description
Newark’s Municipal Council found that the proposed Stella Gardens Preservation, LLC project at 331-343 Springfield Avenue meets an existing housing need and acknowledged a total development cost of $137.7 million to be financed through Low-Income Housing Tax Credits. The city will not provide direct financial contributions.
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
Financing and compliance period will follow NJHMFA and LIHTC program rules; specific end date not stated in the agenda summary.
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