Title
Dept./ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: Resolution of Support
Purpose: To provide Municipal Council support for the submission of an application by the Developer to the New Jersey Department of Community Affairs, Affordable Housing Trust Fund- Municipal Settlement Fund
Entity Name: Badger Madison Community Partners, LLC
Entity Address: 208 Chadwick Avenue, Newark, New Jersey 07108
Grant Amount: $0
Total Project Cost: $1,633,115.00
City Contribution: $0.00
Other Funding Source/Amount:
Grant Period:
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
(Address/Block/Lot/Ward
128 Badger Avenue/Block 2664/Lot 36/South Ward
130 Badger Avenue/Block 2664/Lot 35/South Ward
Additional Information:
body
WHEREAS, Badger Madison Community Partners, LLC, 208 Chadwick Avenue, Newark, New Jersey 07108 (“Entity”), proposes to develop a two-family home and a three-family home, both designed to support residents earning between 20% and 80% Area Median Income (“AMI”) ("Project"); and
WHEREAS, in connection with the financing for the Project, the Entity is applying to the New Jersey Department of Community Affairs, Municipal Settlement Fund (“NJ Department of Community Affairs”) to obtain funds in an amount not to exceed the maximum amount allowed in accordance with N.J.A.C. 5:43-1.1 et seq.; and
WHEREAS, all entities applying for funds from the New Jersey Department of Community Affairs must meet the requirements of the Neighborhood Preservation Balanced Housing Rules, pursuant to N.J.A.C. 5:43-1.1 et seq., and will be subject to mortgage, other loan documents and deed restrictions; and
WHEREAS, pursuant to the New Jersey Department of Community Affairs Threshold Requirements, all applicants for Funds under the New Jersey Department of Community Affairs, are required to obtain a Resolution of Support from the Governing Body of the Municipality in which the Project is located; and
WHEREAS, pursuant to the New Jersey Department of Community Affairs Threshold Requirements, the Municipal Council hereby determined that the housing project referenced above, will meet all or part of the City of Newark's low and moderate housing obligation in its Housing Element and Fair Share Plan and it helps fulfill the City’s goal of prioritizing the creation and preservation of low or moderate housing for the residents of the City; and
WHEREAS, the Entity has presented to the Municipal Council a revenue projection, which sets forth the financing of the Project; and
WHEREAS, the Newark Municipal Council supports the Entity’s direct application for funding as permitted by applicable laws and the Entity will be subject to NJ Department of Community Affairs requirements.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1) The Newark Municipal Council (“Municipal Council”) supports the submission of the application by Badger Madison Community Partners, LLC, 208 Chadwick Avenue, Newark, New Jersey 07108 (“Entity”) for funds from the New Jersey Department of Community Affairs, Affordable Housing Trust Fund, Municipal Settlement Fund, in an amount not to exceed the maximum amount allowed in accordance with N.J.A.C. 5:43-1.1 et seq. (“Application”), for the purpose of developing a two family home and a three family home, designed to support residents earning between 20% and 80% Area Median Income (“AMI”) located at 128 Badger Avenue and 130 Badger Avenue, Newark, New Jersey (Block 2664, Lots 36 and 35).
2) The Application for such 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).
3) The submission of the Application by the Entity and support of the Newark Municipal Council of the same is hereby ratified from the date of submission of the Application for the Funds to the date of adoption of this Resolution.
4) The Newark Municipal Council does hereby adopt the within Resolution and supports the Application for funds, pursuant to and in conformity with the New Jersey Department of Community Affairs requirements for the Funds and the Neighborhood Preservation Balanced Housing Rules, N.J.A.C. 5:43-1.1 et seq.
STATEMENT
This Resolution authorizes the Newark Municipal Council to support the Application of Badger Madison Community Partners, LLC, 208 Chadwick Avenue, Newark, New Jersey 07108, to the New Jersey Department of Community Affairs, Affordable Housing Trust Fund, Municipal Settlement Fund, for funding to assist in the development of a two family home and a three family home, designed to support residents earning between 20% and 80% Area Median Income, located at 128 Badger Avenue and 130 Badger Avenue, Newark, New Jersey (Block 2664, Lot 36 and 35) and ratifies the within from the date of submission of the Application to the date of adoption of this Resolution.