Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Need for Housing Project
Purpose: Provisions of the New Jersey Housing Mortgage Finance Agency (NJHMFA) Law to enable the Agency to process the sponsor’s application for funding a project known as City Hall Apartments, through the Low Income Housing Tax Credit Program
Entity Name: Broad Hill Partners Urban Renewal, LLC.
Entity Address: c/o Urban Builders Collaborative, 334-336 East 110th Street, New York, New York 10029
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit (LIHTC); Freddie Mac Loan; Developer Equity; Deferred Developer Fee)
Total Project Cost: $23,410,363.00
City Contribution: $0.00
Other Funding Source/Amount: Freddie Mac Loan/$9,659,767.00; Developer Equity/$1,158,702.00; Deferred Developer Fee/$1,402,500.00
(Address/Block/Lot/Ward)
915-933 Broad Street/Block 93/Lot 29/ Central Ward
Additional Information:
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WHEREAS, BROAD HILL PARTNERS URBAN RENEWAL, LLC and its assigns (hereinafter referred to as the “Sponsor”) proposes to construct and operate a 84-unit affordable and market-rate residential apartment community to be known as the “City Hall Apartments” (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 referred to as the “HMFA Requirements”) within the City of Newark (hereinafter referred to as the “Municipality”) on a site described as 915-933 Broad Street in the City of Newark, New Jersey (Block 93, Lot 29) (Central Ward) 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; and
WHEREAS, the Sponsor has presented to the Municipal Council a revenue projection for the Project 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 as Exhibit A.
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 Broad Hill Partners Urban Renewal, LLC, 334-336 East 110th Street, New York, New York 10029, proposed Project to construct and operate an 84-unit affordable and market rate residential apartment community, which will meet or meets an existing housing need at 915-933 Broad Street, Block 93, Lot 29.
(2) The Municipal Council finds and determines that the Project proposed by the Sponsor known as City Hall Apartments, meets all or part of the Municipalities low and moderate income housing obligation.
(3) The Municipal Council does hereby adopt the within Resolution and makes the determination and findings herein contained by virtue of, pursuant to, and inconformity with the provisions of the HMFA Requirements to enable the Agency to process the Sponsor’s application for the Agency funding to finance the Project.
STATEMENT
This resolution supports the finding and determination by the Mayor and/or his designee, the Deputy Mayor/Director of the Department of Economic and Housing Development, that there is a need in the City for the proposed development and subsidy of the Property and construction of the Project by Broad Hill Partners Urban Renewal, LLC and its assigns pursuant to the provisions of the HMFA Requirements, for a proposed project to construct and operate an 84-unit affordable and market-rate residential apartment community, which will meet or meets an existing housing need at 915-933 Broad Street, Block 93, Lot 29 (Central Ward).