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 known as Fairmount Commons 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: Fairmount Commons Urban Renewal Associates, L.P.
Entity Address: 77 Park Street, Montclair, New Jersey 07042
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $25,800,000
City Contribution: $0.00
Other Funding Source/Amount: To Be Determined
List of Properties:
(Address/Block/Lot/Ward)
331 South 11th Street/Block 1784/Lot 6/West Ward
333 South 11th Street/Block 1784/Lot 7/ West Ward
335 South 11th Street/Block 1784/Lot 8/West Ward
381-395 South Orange Avenue /Block 1784/Lot 35/West Ward
Additional Information:
body
WHEREAS, Fairmount Commons Urban Renewal Associates, L.P. (hereinafter referred to as the “Sponsor”) proposes to construct and operate approximately 70 affordable housing units within a project known as Fairmount Commons (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 1784 Lots 6,7,8 and 35, as shown on the Official Assessment Map of the City of Newark, Essex County and commonly known as 331 South 11th Street, 333 South 11th Street, 335 South 11th Street and 381-395 South Orange Avenue, Newark, New Jersey 07103 (West 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 Fairmount Commons proposed by Fairmount Commons Urban Renewal Associates, L.P., (“the Sponsor”), 77 Park Street Montclair, New Jersey 07042, which will demolish an existing structure and construct 70 affordable housing units at 331 South 11th Street, 333 South 11th Street, 335 South 11th Street and 381-395 South Orange Avenue Newark, New Jersey, 07103, and known as Block 1784, Lots 6, 7, 8 and 35 (West Ward) 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 (the foregoing collectively referred to as “NJHMFA Requirements”)
2. The Municipal Council finds and determines that the 70 residential affordable 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 Fairmount Commons Urban Renewal Associates, L.P., known as Fairmount Commons, and construction and subsidy of the Project, which enables the New Jersey Housing and Mortgage Finance Agency to process Fairmount Commons Urban Renewal Associates, L.P.’s application for funding to finance the construction of 70 affordable housing units whose income is within the guidelines set by the New Jersey Housing Tax Credit program on a site located at Block 1784, Lots 6, 7, 8 and 35, as shown on the Official Assessment Map of the City of Newark, Essex County and commonly known as 331 South 11th Street, 333 South 11th Street, 335 South 11th Street and 381-395 South Orange Avenue, Newark, New Jersey 07103 (West Ward).