Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Need for Housing Project
Purpose: To determine whether the proposed Project will meet(s) an existing housing need within the City of Newark, pursuant to the 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 et seq., and all applicable guidelines.
Entity Name: Sheila Y Oliver Senior Housing Community, LLC
Entity Address: 28 Valley Road, Suite 1, Montclair, New Jersey 07042
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $17,785,352.00
City Contribution: 0
Other Funding Source/Amount: $0.00
List of Properties:
(Address/Block/Lot/Ward)
117 Aldine Street/Block 3051/Lot 21/South Ward
119-121 Aldine Street/Block 3051/Lot 22/Additional Lot 23/South Ward
295 Lyons Avenue/Block 3051/Lot 24/South Ward
297-299 Lyons Avenue/Block 3051/Lot 25/Additional Lot 26/South Ward
301 Lyons Avenue/Block 3051/Lot 27/South Ward
303 Lyons Avenue/Block 3051/Lot 28/South Ward
Additional Information:
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WHEREAS, Sheila Y Oliver Senior Housing Community, LLC (hereinafter referred to as the “Sponsor”) proposes to develop 48 newly constructed, 100% affordable senior housing, 42 units at 60% Area Median Income (“AMI”), 5 units at 20% AMI for special needs population, and 1 unit dedicated as the superintendent apartment (hereinafter the “Project”), pursuant to the 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 et seq., and all applicable guidelines (hereinafter collectively the “NJHMFA Requirements”) within the City of Newark (hereinafterthe “Municipality”) on a site described as Block 3051, Lots 21, 22, 23, 24, 25, 26, 27 and 28 as shown on the Official Assessment Map of the City of Newark, Essex County and commonly known as 117 Aldine Street, 119-121 Aldine Street, 295 Lyons Avenue, 297-299 Lyons Avenue, 301 Lyons Avenue, and 303 Lyons Avenue, Newark, New Jersey (South Ward); and
WHEREAS, the Project will be subject to the NJHMFA Requirements and the mortgage and other loan documents executed between the Sponsor and the New Jersey Housing and Mortgage Finance Agency (hereinafter the “Agency”); and
WHEREAS, pursuant to the NJHMFA Requirements, the Governing Body of the Municipality hereby determines that there is a need for this housing Project in the Municipality; and
WHEREAS, the Sponsor has presented to the Municipal Council a revenue projection which sets forth the anticipated revenue to be received by the Sponsor from the operation of the Project as estimated by the Sponsor and the Agency, a copy of which is attached hereto and made a part hereof.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1) The Newark Municipal Council (“Municipal Council”) finds and determines that the Project, known as the Sheila Y. Oliver Senior Housing Development, and proposed by Sheila Y Oliver Senior Housing Community, LLC, 28 Valley Road, Suite 1, Montclair, New Jersey 07042, (“the Sponsor”), which will develop 48 newly constructed, 100% affordable senior housing as follow: 42 units at 60% Area Median Income (“AMI”), 5 units at 20% AMI for special needs population, and 1 unit dedicated as the superintendent’s apartment, said Project to be located in the South Ward at 117 Aldine Street, 119-121 Aldine Street, 295 Lyons Avenue, 297-299 Lyons Avenue, 301 Lyons Avenue, and 303 Lyons Avenue, Newark, New Jersey, which is shown as Block 3051 Lots 21, 22, 23, 24, 25, 26, 27 and 28, on the Official Assessment Map of the City of Newark, meets or will meet an existing housing need within the City of Newark, New Jersey pursuant to the 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 et seq., and all applicable guidelines (collectively referred to as “NJHMFA Requirements”.
2) The Municipal Council further finds and determines that the residential unit housing development proposed by Sponsor meets all or part of the City of Newark’s low and moderate income housing obligations.
3) 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 the NJHMFA Requirements so as to enable the New Jersey Housing and Mortgage Finance Agency to process the Sponsor’s application for Agency funding to finance the Project.
STATEMENT
Resolution of the Municipal Council finding and determining that there is a need within the City of Newark for the proposed Project by Sheila Y Oliver Senior Housing Community, LLC, 28 Valley Road, Suite 1, Montclair, New Jersey 07042, (“Sponsor”) known as the Sheila Y. Oliver Senior Housing Development, which determination enables the New Jersey Housing and Mortgage Finance Agency to process the Sponsor’s application for funding to finance the development of 48 newly constructed, 100% affordable senior housing, consisting of 42 units at 60% AMI, 5 units at 20% AMI for special needs population, and 1 unit dedicated as the superintendent apartment whose income is within the guidelines set by the New Jersey Housing Tax Credit program on a site located at 117 Aldine Street, 119-121 Aldine Street, 295 Lyons Avenue, 297-299 Lyons Avenue, 301 Lyons Avenue, and 303 Lyons Avenue, Newark, New Jersey and shown on the Official Assessment Map of the City of Newark as Block 3051, Lots 21, 22, 23, 24, 25, 26, 27 and 28 (South Ward).