Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Need for Housing Project
Purpose: To support NJHMFA Low Income Housing Tax Credit Application for the Newark Badger Avenue Project proposed by Badger Development Company, 27 Prince Street, Elizabeth, New Jersey 07208, for the new construction of One Hundred and Sixty (160) rental units of affordable housing on Block 2718/Lots 62, 66 & 70 aka 306-312 Badger Avenue; 298-304 Badger Avenue; and 314-336 Badger Avenue, Newark, New Jersey 07112 (South Ward).
Entity Name: Badger Development Company
Entity Address: 27 Prince Street, Elizabeth, New Jersey 07208
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $51,967,112.00
City Contribution: Not known at this time
Other Funding Source/Amount: Construction Loan /$31,400,000.00,
LIHTC/$20,574,951.00
List of Properties:
(Address/Block/Lot/Ward)
306-312 Badger Avenue/Block 2718/62/South Ward
298-304 Badger Avenue/Block 2718/66/South Ward
314-336 Badger Avenue/Block 2718/70/South Ward
Additional Information:
body
WHEREAS, Badger Development Company, 27 Prince Street, Elizabeth, New Jersey 07208 (hereinafter referred to as the "Sponsor") proposes the new construction of One Hundred and Sixty (160) rental units of affordable housing, on a site described as Block 2718, Lots 62, 66 & 70 as shown on the Official Tax Map of the City of Newark, Essex County New Jersey and commonly known as 306-312 Badger Avenue; 298-304 Badger Avenue; and 314-336 Badger Avenue, Newark, New Jersey 07112 (South Ward) for a project known as the Newark Badger Avenue Project (hereinafter referred to as the "Project"), to be occupied by households whose income is within guidelines set by the New Jersey Low Income Housing Tax Credit Program; and
WHEREAS, The Project shall be completed pursuant to provisions of the New Jersey Housing and Mortgage Finance Agency Law of 1983, as amended (N.J.S.A. 55: 14K-1 et seq.), the rules promulgated thereunder at N.J.A.C. 5:80-1.1 et seq., and all applicable guidelines promulgated thereunder (the foregoing hereinafter collectively referred to as the "HMFA Requirements"), within the City of Newark (hereinafter collectively referred to as the "Municipality"); and
WHEREAS, the Project will be subject to the HMFA Requirements, and the mortgage and other loan documents executed between the Sponsor and the New Jersey Housing and Mortgage Finance Agency (hereinafter referred to as the "Agency"); and
WHEREAS, pursuant to the HMFA Requirements, the governing body of the Municipality hereby determines that there is a need for this housing project in the Municipality.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
(1) The Municipal Council finds and determines that the Newark Badger Avenue Project (hereinafter referred to as the "Project") proposed by the Badger Development Company, 27 Prince Street, Elizabeth, New Jersey 07208 (hereinafter referred to as the "Sponsor"), consisting of the new construction of One Hundred and Sixty (160) rental units of affordable housing, on a site described as Block 2718, Lots 62, 66 & 70 as shown on the Official Tax Map of the City of Newark, Essex County, New Jersey and commonly known as 306-312 Badger Avenue;; 298-304 Badger Avenue; and 314-336 Badger Avenue, Newark, New Jersey 07112 (South Ward) meets or will meet an existing housing need.
(2) The Municipal Council does hereby adopt the within resolution and makes the determination and findings herein contained by virtue of, pursuant to, and in conformity with the provisions of HMFA Law to enable the Agency to process the Sponsor's application for Agency funding to finance the Project.
STATEMENT:
This resolution will permit Badger Development Company, 27 Prince St, Elizabeth NJ 07208, to meet the requirements for funding from NJHMFA for the new construction of One Hundred and Sixty units (160) rental units of affordable housing (the "Project"), to be occupied by households whose income is within guidelines set by the New Jersey Low Income Housing Tax Credit Program on a site described as Block 2718, Lots 62, 66 & 70 as shown on the Official Tax Map of the City of Newark, Essex County, New Jersey and commonly known as 306-312 Badger Avenue; 298-304 Badger Avenue; and 314-336 Badger Avenue, Newark, New Jersey 07112 (South Ward).