Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Need for Housing Project
Purpose: Resolution supporting the Sponsor's application for funding a project known as New Horizons Phase I through the New Jersey Housing Mortgage Finance Agency Low Income Housing Tax Credit Program.
Entity Name: New Horizons Phase I Urban Renewal Associates, LP
Entity Address: 3 East Stow Road, Marlton, New Jersey 08053
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $29,263,378.00
City Contribution: N/A
Other Funding Source/Amount: N/A
List of Properties:
(Address/Block/Lot/Ward)
220-280 Irvine Turner Boulevard/ Block 2580/ Lot 2/Central Ward
Additional Information:
N/A
body
WHEREAS, New Horizons Phase I Urban Renewal Associates, LP (hereinafter referred to as the "Sponsor") proposes to construct approximately 89 affordable housing units within the rental housing project known as New Horizons Phase I (hereinafter referred to as 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. 5:80-1.1 et seq. and all applicable guidelines promulgated thereunder (the foregoing hereinafter collectively referred to as the "HMFA Requirements") within the City of Newark (hereinafter referred to as the "Municipality") on a site described as Block 2580, Lot 2, as shown on the Official Assessment Map of the City of Newark, Essex County and commonly known as 220-280 Irvine Turner Boulevard, Newark, New Jersey (Central Ward); 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 Project proposed by New Horizons Phase I Urban Renewal Associates, LP, 3 East Stow Road, Marlton, New Jersey 08053 (hereinafter referred to as the "Sponsor"), which will construct approximately 89 affordable housing units within the rental housing project to be known as New Horizons Phase I at 220-280 Irvine Turner Boulevard. Newark, New Jersey, (hereinafter referred to as the "Project"), proposed by the Sponsor 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 the HMFA Law to enable the Agency to process the Sponsor's application for Agency funding to finance the Project.
STATEMENT
Adoption of this Resolution enables the New Jersey Housing Mortgage Finance Agency to process the application for funding from New Horizons Phase I Urban Renewal Associates, LP, 3 East Stow Road, Marlton, New Jersey 08053to finance the construction of approximately 89 affordable housing units within the rental housing project known as New Horizons Phase I (hereinafter referred to as the "Project"), for households whose income is within the guidelines set by the New Jersey Housing Tax Credit Program on a site described as Block 2580, Lot 2 as shown on the Official Assessment Map of the City of Newark, Essex County and commonly known as 220-280 Irvine Turner Boulevard., Newark, New Jersey (Central Ward).