Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Need for Housing Project
Purpose: Provisions of the NJHMFA Law to enable the Agency to process the Sponsor's application for funding a Project known as Broadway Estates through the Low Income Housing Tax Credit Program.
Entity Name: HELP New Jersey Development Co., LLC
Entity Address: 5 Hanover Square New York, New York 10004
Funding Source: NJ Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $9,996,147.00
City Contribution: 0
Other Funding Source/Amount: N/A
List of Properties:
(Address/Block/Lot/Ward)
711-715 Broadway, Newark, New Jersey 07104/Block 729, Lots 36.01-36.09/North Ward
Additional Information:
N/A
body
WHEREAS, HELP New Jersey Development Co., LLC (hereinafter referred to as the "Sponsor") proposes to construct FORTY (40) rental units of supportive housing for seniors whose income is within guidelines set by the New Jersey Low Income Housing Tax Credit Program. The Project is named Broadway Estates (hereinafter referred to as the "Project") 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") on a site described as Block 729, Lots 36.01-36.09 also known as 711-715 Broadway, Newark, New Jersey 07104 in the North Ward (N.W.), 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.
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 Broadway Estates Project, located at 711-715 Broadway, Block 36.01-36.09 proposed by the Sponsor, Help New Jersey Development Co., LLC., located at 5 Hanover Square, New York, New York 10004meets 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 HMFA Law to enable the Agency to process the Sponsor's application for Agency funding to finance the Project.
STATEMENT
The adoption of this resolution enables the New Jersey Housing Mortgage Finance Agency to process HELP New Jersey Development Co., LLC. 5 Hanover Square, New York, New York 10004 application to finance the construction of forty (40) rental units of supportive housing to be leased to seniors whose income is within guidelines set by the New Jersey Low Income Housing Tax Credit Program on a site described as Block 729, Lots 36.01-36.09 also known as 711-715 Broadway, Newark, New Jersey 07104 in the North Ward (N.W) of the City of Newark.