Title
Dept./ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: Resolution of Support
Purpose: Municipal Council support for the submission of an application for funding from the New Jersey Department of Community Affairs, New Jersey Affordable Housing Trust Funds
Entity Name: Badger Madison Community Partners, LLC
Entity Address: 208 Chadwick Avenue c/o Nii Abladey, Newark,
New Jersey 07108
Grant Amount: $0.00
Total Project Cost: $5,002,135.00
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)
33 Madison Avenue/Block 2664/Lot 29/South Ward
35 Madison Avenue/Block 2664/Lot 30/South Ward
37 Madison Avenue/Block 2664/Lot 31/South Ward
136 Badger Avenue/Block 2664/Lot 32/South Ward
39 Madison Avenue/Block 2664/Lot 54/South Ward
Additional Information:
body
WHEREAS, Badger Madison Community Partners, LLC, 208 Chadwick Avenue c/o Nii Abladey, Newark, New Jersey 07108 (“Entity”) proposes to construct eleven (11) units restricted for 40 years under the Uniform Housing Affordability Controls for households earning 30%, 50% and 60% of AMI (“Area Median Income”) located at 33 Madison Avenue, 35 Madison Avenue, 37 Madison Avenue, 136 Badger Avenue, and 39 Madison Avenue, and commonly known on the official tax map of the City as Block 2664, Lots 29, 30, 31, 32, and 54 ("Project"); and
WHEREAS, in connection with the financing for the Project, the Entity is applying to the New Jersey Department of Community Affairs, Affordable Housing Trust Fund (“New Jersey Department of Community Affairs”) to obtain funds in an amount not to exceed the maximum amount allowed in accordance with N.J.A.C. 5:32-1.1 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 the 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 determines 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 Municipal Council supports the Entity’s direct application for funding as permitted by applicable laws and the Entity will be subject to the New Jersey 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 application by Badger Madison Community Partners, LLC, 208 Chadwick Avenue c/o Nii Abladey, Newark, New Jersey 07108 (“Entity”) for funds from the New Jersey Department of Community Affairs, Affordable Housing Trust Fund in the 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 constructing eleven (11) units restricted for 40 years under the Uniform Housing Affordability Controls for households earning 30%, 50% and 60% of AMI (“Area Median Income”) ("Project") located at 33 Madison Avenue, 35 Madison Avenue, 37 Madison Avenue, 136 Badger Avenue, and 39 Madison Avenue, and commonly known on the official tax map of the City as Block 2664, Lots 29, 30, 31, 32, and 54.
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 and support of the 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 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 c/o Nii Abladey, Newark, New Jersey 07108, to the r New Jersey Department of Community Affairs, Affordable Housing Trust Fund for funding to assist in the construction of eleven (11) units restricted for 40 years under the Uniform Housing Affordability Controls for households earning 30%, 50% and 60% of AMI (“Area Median Income”) ("Project") located at 33 Madison Avenue, 35 Madison Avenue, 37 Madison Avenue, 136 Badger Avenue, and 39 Madison Avenue, and commonly known on the official tax map of the City as Block 2664, Lots 29, 30, 31, 32, and 54 and ratifies the within from the date of submission of the Application to the date of adoption of this Resolution.