Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Resolution of Need for Housing Project
Purpose: To support NJHMFA Low Income Housing Tax Credit Application for the Jelliff Estates housing project proposed by Jelliff Senior Estates Urban Renewal LLC, 195 Lafayette Street, Newark New Jersey 07105 , for construction of 51 rental units of affordable housing on Block 2681, Lots 31,32 and 34.
Entity Name: Jelliff Senior Estates Urban Renewal LLC
Entity Address: 195 Lafayette Street Newark, New Jersey 07105
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $11,500,767 (Approximately)
City Contribution: Not yet identified
Other Funding Source/Amount Not yet identified /$
List of Properties:
(Address/Block/Lot/Ward)
220-224 Jelliff Avenue/ Block 2681/Lot 34/South Ward
226-230 Jelliff Avenue/Block 2681/ Lot (s) 31, 32/South Ward
Additional Information:
Per the NJ Business Registration Certificate the Entity's address is listed as
71 Lake Avenue, Colonia, New Jersey 07067
Deferred 7R3-b 100114
body
WHEREAS, Jelliff Senior Estates Urban Renewal LLC, 195 Lafayette Street, Newark New Jersey 07105 (hereinafter referred to as the ("Sponsor") proposes to construct approximately fifty one (51) rental units of affordable housing on a site described as Block 2681, Lot 34 and Block 2681, Lot(s) 31, 32, as shown on the Official Assessment Map of the City of Newark, Essex County, New Jersey and commonly known as, 220-224 Jelliff Avenue, Newark, New Jersey 07108 (South Ward), and 226-230 Jelliff Avenue, Newark, New Jersey 07108 (South Ward) for a project known as Jelliff Estates (hereinafter referred to as the "Project"), to be occupied by individuals whose income is within guidelines set by the New Jersey Low Income Housing Tax Credit program; and
WHERAS, the Project shall be completed pursuant to 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 collectively referred to as the "Municipality"); 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 known as Jelliff Estates (hereinafter referred to as the "Project") proposed by Jelliff Senior Estates Urban Renewal LLC, 195 Lafayette Street, Newark New Jersey 07105 (hereinafter referred to as the "Sponsor"), consisting of the construction of approximately fifty one (51) rental units of affordable housing on a site described as Block 2681, Lot 34 and Block 2681, Lot(s) 31, 32, as shown on the Official Assessment Map of the City of Newark, Essex County, New Jersey and commonly known as, 220- 224 Jelliff Avenue, Newark, New Jersey 07108 (South Ward), and 226-230 Jelliff Avenue, Newark, New Jersey 07108 (South Ward), 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 funding to finance the Project.
STATEMENT
This Resolution will permit Jelliff Senior Estates Urban Renewal LLC to meet the requirements for funding from NJHMFA to construct approximately fifty-one (51) rental units of affordable housing for a project known as Jelliff Estates, Newark, New Jersey ("the Project") to be occupied by individuals whose income is within guidelines set by the New Jersey Low Income Housing Tax Credit Program on a site described as Block 2681, Lot 34 and Block 2681, Lot(s) 31, 32, as shown on the Official Assessment Map of the City of Newark, Essex County, New Jersey and commonly known as, 220- 224 Jelliff Avenue, Newark, New Jersey 07108 (South Ward), and 226-230 Jelliff Avenue, Newark, New Jersey 07108 (South Ward).