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: Oak Towers Urban Renewal Entity, LLC
Entity Address: 150 East 52nd Street, 14th floor, New York, NY 10022
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $17,339,117
City Contribution: $0.00
Other Funding Source/Amount: $0.00
List of Properties:
(Address/Block/Lot/Ward)
2-8 and 18-22 Stratford Place/Block 2668/Lots 1 and 9/South Ward
Additional Information:
body
WHEREAS, Oak Towers Urban Renewal Entity LLC (hereinafter referred to as the “Sponsor”) proposes to construct and operate approximately 75 affordable housing units of which 19 units will be dedicated as supportive housing for homeless veterans within a rental housing project known as Aspen Stratford (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 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 2668 Lots 1 and 9 as shown on the Official Assessment Map of the City of Newark, Essex County and commonly known as 2-8 and 18-22 Stratford Place, Newark, New Jersey 07108 (South 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; 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 Municipal Council finds and determines that the Project known as Aspen Stratford proposed by Oak Towers Urban Renewal Entity LLC, (“the Sponsor”), 150 East 52nd Street, 14th Floor, New York, New York 10022, which will rehabilitate an existing complex made up of 75 affordable housing units of which 19 units will be dedicated as supportive housing for homeless veterans within the rental housing project located at 2-8 and 18-22 Stratford Place, Newark, New Jersey, Block 2668, Lots 1 and 9, South Ward meets or will meet an existing housing need within the City of Newark, New Jersey pursuant to the provisions of the HMFA Requirements.
2) The Municipal Council 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 HMFA Requirements to enable the Agency to process the Sponsor’s application for Agency funding to finance the Project.
STATEMENT
Resolution wherein the Municipal Council finds and determines that there is a need within the City of Newark for the proposed Project by Oak Towers Urban Renewal Entity, LLC, known as Aspen Stratford, and construction and subsidy of the Project, which enables the New Jersey Housing and Mortgage Finance Agency to process Oak Towers Urban Renewal Entity LLC’s application for funding to finance the construction of 75 affordable housing units whose income is within the guidelines set by the New Jersey Housing Tax Credit program on a site located at Block 2668 Lots 1 and 9 as shown on the Official Assessment Map of the City of Newark, Essex County and commonly known as 2-8 and 18-22 Stratford Place, Newark, New Jersey (South Ward).