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 the South Ward Neighborhood Housing Urban Renewal, LP will meet or meets 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
Entity Name: South Ward Neighborhood Housing Urban Renewal LP
Entity Address: 421 Halsey Street, Newark, New Jersey 07102
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $8,963,684.00
City Contribution: None
Other Funding Source/Amount: Conventional construction loan and permanent loan financing. Fee/$8,963,684.00
List of Properties:
(Address/Block/Lot/Ward)
17-19 Seymour Avenue, Block 3660, Lot 15; 105-107 Aldine Street, Block 3051, Lot 14; 40 Rose Terrace, Block 2625, Lot 52; 742-744 South 10th Street, Block 2652, Lot 53 24-26 Bragaw Avenue, Block 3048, Lot 6; 89-91 Baldwin Avenue, Block 3004, Lot 21; 170 Seymour Avenue, Block 3020, Lot 39; 493 Jelliff Avenue, Block 3576, Lot 9.06; 33 Yates Avenue, Block 3598, Lot 37; 20 Treacy Avenue, Block 2625, Lot 1; 864 South 14th Street, Block 3009, Lot 19; 69-71 Van Ness Place, Block 3033, Lot 48; 230 Sherman Avenue, Block 2770, Lot 22 (South Ward)(South Ward)
Additional Information:
body
WHEREAS,South Ward Neighborhood Housing Urban Renewal,LP and its assigns (hereinafter referred to as the “Sponsor”) proposes to construct 32 residential housing units to be known as South Ward Neighborhood Housing Urban Renewal, LP (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 (the foregoing hereinafter referred to as the “HMFA Requirements”) within the City of Newark (hereinafter referred to as the “Municipality”) on a site described as 17-19 Seymour Avenue, Block 3660, Lot 15; 105-107 Aldine Street, Block 3051, Lot14; 40 Rose Terrace, Block 2625, Lot 52; 742-744 South 10th Street, Block 2652, Lot 53; 24-26 Bragaw Avenue Block 3048, Lot 6; 89-91 Baldwin Avenue, Block 3004, Lot 21; 170 Seymour Avenue, Block 3020, Lot 39; 493 Jelliff Avenue, 3576, Lot 9.06 33 Yates Avenue, Block 3598, Lot 37; 20 Treacy Avenue, Block 2625, Lot 1; 864 South 14th Street, Block 3009, Lot 19; 71 Van Ness Place, Block 3033, lot 48; 230 Sherman Avenue, Block 2770, Lot 22; (South Ward) as shown on the Official Assessment Map of the City of Newark, Essex County; 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 for the Project 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 as Exhibit A.
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 South Ward Neighborhood Housing Urban Renewal, LP, 421 Halsey Street, Newark, New Jersey 07102, 17-19 Seymour Avenue, Block 3660, Lot 15; 105-107 Aldine Street, Block 3051, Lot14; 40 Rose Terrace, Block 2625, Lot 52; 742-744 South 10th Street, Block 2652, Lot 53; 24-26 Bragaw Avenue Block 3048, Lot 6; 89-91 Baldwin Avenue, Block 3004, Lot 21; 170 Seymour Avenue, Block 3020, Lot 39; 493 Jelliff Avenue, 3576, Lot 9.06 33 Yates Avenue, Block 3598, Lot 37; 20 Treacy Avenue, Block 2625, Lot 1; 864 South 14th Street, Block 3009, Lot 19; 71 Van Ness Place, Block 3033, lot 48; 230 Sherman Avenue, Block 2770, Lot 22; (South Ward) as shown on the Official Assessment Map of the City of Newark (South Ward) proposed project of 32 residential units will meet or meets an existing housing need within the City of Newark
(2) The Municipal Council finds and determines that South Ward Neighborhood Housing Urban Renewal, LP, 32 residential unit housing development proposed by the Sponsor, meets all or part of the City of Newark’s low and moderate income housing obligation.
(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
The Mayor and/or his designee, the Deputy Mayor/Director of the Department of Economic and Housing Development, find and determine that there is a need in the City for the proposed development and subsidy of the Property and construction of the Project by South Ward Neighborhood Housing Urban Renewal, LP, 421 Halsey Street, Newark, New Jersey 07102 and its assigns pursuant to the provisions of the HMFA Requirements.