Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Support for Needed Housing Project
Purpose: To support NJHMFA Low Income Housing Tax Credit Application for funding the construction of a 67 to 70 unit affordable housing mixed-use project commonly known as Bergen Family (RWJBH) Project.
Entity Name: Pennrose, LLC, in partnership with RWJ Barnabas Health
Entity Address: 1301 N. 31st Street, Philadelphia, Pennsylvania 19121 (Pennrose); 95 Old Short Hills Road, West Orange, New Jersey 07052 (RWJ Barnabas)
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit
Total Project Cost: $23,500,000.00
City Contribution: $0.00
Other Funding Source/Amount: $0.00
List of Properties:
(Address/Block/Lot/Ward)
981-991 Bergen Street/Block 3665/Lots 1, 2, 3, 4, 5, 6/South Ward
Additional Information:
body
WHEREAS, Pennrose, LLC, in partnership with RWJ Barnabas Health (hereinafter referred to collectively as the “Sponsor”), proposes to construct a 67-70 unit affordable housing, mixed-used project with a minimum of ten (10) set aside units for high utilizers of the emergency department at Newark Beth Israel Medical Center (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 Lots 1-6, Block 3665 as shown on the Official Assessment Map of the City of Newark, Essex County (the “Property”) and commonly known as Bergen Family (RWJBH) Project; and
WHEREAS, RWJ Barnabas Health has been preliminarily designated as redeveloper of the Property, which is City-owned; 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 supports Pennrose, LLC and RWJ Barnabas Health’s application for NJHMFA Low Income Housing Tax Credit to fund a project known as Bergen Family (RWJBH) Project.
(2) The Municipal Council finds and determines that a project known as Bergen Family (RWJBH) Project which consists of 67 to 70 unit affordable housing, mixed-used project with a minimum of ten set aside units for high utilizers of the emergency department at Newark Beth Israel Medical Center Project proposed by the Sponsor meets or will meet an existing housing need.
(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 HMFA Law to enable the Agency to process the Sponsor’s application for Agency funding to finance the Project.
STATEMENT
This resolution authorizes the Newark Municipal Council to support Pennrose, LLC and RWJ Barnabas Health’s application for NJHMFA Low Income Housing Tax Credit to fund a project known as Bergen Family (RWJBH) Project comprising of 67 to 70 units of affordable housing to be occupied by individuals whose income is within guidelines set by the New Jersey Low Income Housing Tax Credit Program, and with a minimum of ten (10) units set aside for high utilizers of the emergency department at Newark Beth Israel Medical Center.