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: Pacific Apartments Ventures, LLC
Entity Address: c/o Millbrook Realty Group, LLC, 546 Fifth Avenue, 6th Floor, New York, New York 10036
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low-Income Housing Tax Credit)
Total Project Cost: $35,471,007.00
City Contribution: $0.00
Other Funding Source/Amount: $0.00
List of Properties:
(Address/Block/Lot/Ward)
164-184 Pennington Street/Block 932/Lot 1/East Ward
Additional Information:
body
WHEREAS, Pacific Apartments Ventures, LLC (hereinafter referred to as the “Sponsor”) proposes the rehabilitation of an 100% affordable family housing project consisting of 80 residential units - 16 one-bedroom units, 40 two-bedroom units, and 24 three-bedroom units. This funding will assist with a substantial renovation of the apartment units, buildings, and systems that will modernize the buildings and preserve the affordability of the project. The redevelopment will also include social services provided with Ironbound Community Corporation as the Social Service Provider (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 collectively referred to as the “NJHMFA Requirements”) within the City of Newark (hereinafter referred to as the “Municipality”) on a site described as Block 932, Lot 1, as shown on the Official Assessment Map of the City of Newark, Essex County and commonly known as 164-184 Pennington Street, Newark, New Jersey (East Ward); and
WHEREAS, the Project will be subject to the NJHMFA 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 NJHMFA 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 as proposed by Pacific Apartments Ventures, LLC, c/o Millbrook Realty Group, LLC, 546 Fifth Avenue, 6th Floor, New York, New York 10036 (the “Sponsor”), whom will rehabilitate an existing 100% affordable family housing project consisting of 80 residential units - 16 one-bedroom units, 40 two-bedroom units, and 24 three-bedroom units. This funding will assist with a substantial renovation of the apartment units, buildings, and systems that will modernize the buildings and preserve the affordability of the project. The redevelopment will also include social services provided with Ironbound Community Corporation as the Social Service Provider, located at 164-184 Pennington Street, Newark, New Jersey, and known as Block 932, Lot 1 (Central Ward)(“Project”) 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 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 NJHMFA 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 Project as proposed by Pacific Apartments Ventures, LLC, c/o Millbrook Realty Group, LLC, 546 Fifth Avenue, 6th Floor, New York, New York 10036 (“Sponsor”), which enables the New Jersey Housing and Mortgage Finance Agency to process Sponsor’s application for funding to finance the rehabilitation of an existing 100% affordable family housing project consisting of 80 residential units - 16 one-bedroom units, 40 two-bedroom units, and 24 three-bedroom units. This funding will assist with a substantial renovation of the apartment units, buildings, and systems that will modernize the buildings and preserve the affordability of the project. The redevelopment will also include social services provided with Ironbound Community Corporation as the Social Service Provider, located at 164-184 Pennington Street, Newark, New Jersey, and known as Block 932, Lot 1 (East Ward).