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 Law to enable the Agency to process the sponsor’s application for funding a project known as Jelliff Senior Estate Apartments through the Low Income Housing Tax Credit Program
Entity Name: Jelliff Senior Estates Urban Renewal, LLC
Entity Address: 71 Lake Avenue, Colonia, New Jersey 07067
Funding Source: Redevelopment Economic Development Dedicated Trust Fund
Total Project Cost: $12,960,574.00
City Contribution: $500,000.00
Other Funding Source/Amount: Low Income Housing Tax Credits/$5,168,146.00; Construction Loan/$6,470,242.00; Deferred Developer Fee/$500,000.00; Borrower Equity/$322,186.00
List of Properties:
(Address/Block/Lot/Ward)
220-224 Jelliff Avenue, Block 2681, Lot 34; 226-230 Jelliff Avenue, Block 2681, Lots 31 and 32(South Ward)
Additional Information:
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WHEREAS, Jelliff Senior Estates Urban Renewal, LLC, (hereafter referred to as the “Sponsor”) proposes to construct and operate fifty-one (51) senior affordable housing units in a rental housing project known as Jelliff Senior Estate Apartments (hereafter 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 collectively referred to as “NJHMFA Requirements”) within the City of Newark (hereafter referred to as the “Municipality”) on a site described as Block 2681, Lots 31, 32, and 34, as shown on the Official Assessment Map of the City of Newark, Essex County and commonly known as 226-230 and 220-224 Jelliff Avenue, Newark, New Jersey (South Ward); and
WHEREAS, the Project will be subject to the NJHMFA Requirements and the mortgage and other loan documents executed between the Sponsor and the New Jersey Housing and Mortgage Finance Agency (hereafter referred to as the “Agency”); and
WHEREAS, pursuant to the NJHMFA 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 to 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 the Project, known as Jelliff Senior Estates Apartments proposed by Jelliff Senior Estates Urban Renewal, LLC., 71 Lake Avenue, Colonia, New Jersey 07067, the Sponsor, will construct fifty-one (51) affordable rental units for senior citizens in the rental housing project on a site described as Block 2681, Lots 31, 32, 34 as shown on the Official Assessment Map of the City of Newark, Essex County and commonly known as 226-230 and 220-224 Jelliff Avenue, Newark, New Jersey (South Ward).
2. The Municipal Council finds and determines that Jelliff Senior Estates Urban Renewal, LLC, fifty-one (51) residential unit housing development proposed by the Sponsor, meets all or part of the City of Newark’s senior 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 in conformity with the provisions of the NJHMFA Requirements to enable the Agency to process the Sponsor’s application for Agency funding to finance the Project.
STATEMENT
The Mayor and/or his designee, the Acting Director of the Department of Economic and Housing Development, on behalf of the City of Newark through adoption of this Resolution that there is a need in the City for the proposed development of the project known as Jelliff Senior Estates Apartments proposed by Jelliff Senior Estates Urban Renewal, LLC, 71 Lake Avenue, Colonia, New Jersey 07067, the Sponsor, which will construct fifty-one (51) affordable rental units for senior citizens in the rental housing project on a site described as Block 2681, Lots 31, 32, 34 as shown on the Official Assessment Map of the City of Newark, Essex County and commonly known as 226-230 and 220-224 Jelliff Ave, Newark, New Jersey (South Ward).