Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Supporting a Grant Application
Purpose: To support the New Jersey Department of Community Affairs Affordable Housing Trust Fund Application for funding to construct a new four (4) story, multi-family residential low-rise building consisting of nineteen (19) units of affordable housing.
Entity Name: Rising Plains, LLC
Entity Address: Hillside, New Jersey 07205
Grant Amount: $4,791,809.00
Funding Source: New Jersey Department of Community Affairs Affordable Housing Trust Fund
Total Project Cost: $5,391,809.00
City Contribution: $0.00
Other Funding Source/Amount: Private lender
Contract Period: Not Applicable
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient (X) n/a
List of Property: (if applicable)
(Address/Block/Lot/Ward)
475-481 So. 16th Street/Block 327/Lot 15/West Ward
Additional Information:
Deferred 7R2-p 040523
body
WHEREAS, Rising Plains, LLC (the “Entity”) seeks to apply for and obtain funds from the New Jersey Department of Community Affairs, Affordable Housing Trust Fund (“Program”) for approximately Four Million Seven Hundred Ninety-One Thousand Eight Hundred Nine Dollars and Zero Cents ($4,791,809.00) or an amount not to exceed the maximum amount allowed in accordance with N.J.A.C. 5:43-1.1 et seq., for the purpose of developing a new four (4) story, multifamily residential low-rise building consisting of 19 units of affordable housing, to be located at 475-481 South 16th Street and commonly known on the Official Tax Map of the City of Newark as Block 327, Lot 15, and referred to as the Homes@Parkwest (the “Project”); and
WHEREAS, all of the 19 units of affordable housing within the Project will be for individuals and families earning between 35% and 70% Area Median Income; and
WHEREAS, the City of Newark (the “Municipality”) has determined that the Project referenced above, will meet all or a portion of the Municipality’s low and moderate housing obligation; and
WHEREAS, pursuant to the regulations governing the Program and the Neighborhood Preservation Balanced Housing Rules, N.J.A.C. 5:43-1 et seq., the Governing Body of the Municipality has determined that the Project will benefit the community and supports the Entity’s direct application for funding as permitted by applicable laws.
NOW, THEREFORE, BE IT RESOLVED by the Municipal Council of the City of Newark, New Jersey, THAT:
1. The Newark Municipal Council (“Municipality”) hereby supports the Application by Rising Plains, LLC, 1515 Morris Place, Hillside, New Jersey 07205 (“Entity”) for funds from the New Jersey Department of Community Affairs, Affordable Housing Trust Fund (“Program”) for approximately Four Million Seven Hundred Ninety- One Thousand Eight Hundred Nine Dollars and Zero Cents ($4,791,809.00), or an amount not to exceed the maximum amount allowed (“Funds”) in accordance with N.J.A.C. 5:43-1.1 et seq., for the purpose of developing a new four (4) story multifamily residential low-rise building consisting of nineteen (19) affordable residential units, all of which are restricted to households with incomes between 35% and 70% of the Essex County Area Median Income (“Project”), to be located at 475-481 South 16th Street, and commonly known on the Official Tax Map of the City of Newark as Block 327, Lot 15.
2. The Application for the Funds to the New Jersey Department of Community Affairs, Affordable Housing Trust Fund acknowledges that the Project is located in an eligible municipality in accordance with N.J.A.C. 5:43-1.3(a) and pursuant to N.J.S.A. 52:27D-178 et seq.
2. The Municipality hereby adopts the within Resolution pursuant to and in conformity with the New Jersey Department of Community Affairs Affordable Housing Trust Fund guidelines and procedures, to enable the Entity to process its Application, directly with the Department of Community Affairs, for Funds from the Program, specifically for this Project as permitted under the Neighborhood Preservation Balanced Housing Rules, N.J.A.C. 5:43-1 et seq.
STATEMENT
This Resolution authorizes the Newark Municipal Council to support the Application of Rising Plains, LLC, 1515 Morris Place, Hillside, New Jersey 07205, to the New Jersey Department of Community Affairs for approximately $4,791,809.00 in grant funding through the Affordable Housing Trust Fund to assist in funding the development of a new four (4) story multifamily residential low-rise building consisting of nineteen (19) affordable residential units located at 475-481 South 16th Street, commonly known as Block 327, Lot 15 on the tax map of the City of Newark (West Ward).