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: 489-559 Irvington Avenue Urban Renewal, LLC
Entity Address:
Grant Amount: $0
Total Project Cost:
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
192-254 Mt Vernon Place and 31-97 Manor Drive, Newark, New Jersey and identified on the Tax Maps as Block 4274, Lot(s) 1.01, 7, 8, 9 and 10 in the Central Ward.
Additional Information:
Ivy Hill Apartments
body
WHEREAS, Ivy Hill Section I LLC, Ivy Hill Section II LLC, Ivy Hill Section III LLC , Ivy Hill Section IV LLC, and Ivy Hill Section V LLC (hereinafter collectively referred to as the “Sponsor”) proposes to rehabilitate the existing Ivy Hill Park Apartments, which consists of ten (10) fifteen-story buildings on Mount Vernon Place and Manor Drive with 2,100 units that will be one hundred (100) affordable residential units for tenants with incomes at or below 60% Area Median Income (“AMI”)(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 collectively referred to as the “NJHMFA Requirements”) within the City of Newark (hereinafter referred to as the “Municipality”) on a site described as Block 4274, Lots 1.01, 7, 8, 9, and 10 as shown on the Official Assessment Map of the City of Newark, Essex County and commonly known as 192-254 Mt Vernon Place and 31-97 Manor Drive, Newark, New Jersey (Central); 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 (hereinafter 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, which sets forth the anticipated revenue to be received by the Sponsor from the operation of the Project as estimated by the Sponsor.
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 as proposed by Ivy Hill Section I LLC, Ivy Hill Section II LLC, Ivy Hill Section III LLC , Ivy Hill Section IV LLC, and Ivy Hill Section V LLC (collectively, “the Sponsor”), whom will rehabilitate the existing Ivy Hill Park Apartments, which consists of ten (10) fifteen-story buildings on Mount Vernon Place and Manor Drive with 2,100 units that will be one hundred (100) affordable residential units for tenants with incomes at or below 60% Area Median Income (“AMI”) located at 192-254 Mt Vernon Place and 31-97 Manor Drive, Newark, New Jersey, Newark, New Jersey and known as Block 4274, Lots 1.01, 7, 8, 9, and 10 (Central Ward)(“Project”) on the Official Assessment Map of the City of Newark, meets or will meet an existing housing need within the City of Newark,
New Jersey, 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 collectively referred to as “NHMFA Requirements”).
2) The Municipal Council finds and determines that the residential unit housing development proposed by Sponsor meets all or part of the City of Newark’s low- and moderate-income housing obligations.
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
Resolution wherein the Municipal Council finds and determines that there is a need within the City of Newark for the Project as proposed by Ivy Hill Section I LLC, Ivy Hill Section II LLC, Ivy Hill Section III LLC , Ivy Hill Section IV LLC, and Ivy Hill Section V LLC (collectively, “Sponsor”), which enables the New Jersey Housing and Mortgage Finance Agency to process Sponsor’s application for funding to finance the rehabilitation of the existing Ivy Hill Park Apartments, which consists of ten (10) fifteen-story buildings on Mount Vernon Place and Manor Drive with 2,100 units that will be one hundred (100) affordable residential units for tenants with incomes at or below 60% Area Median Income (“AMI”) located at 192-254 Mt Vernon Place and 31-97 Manor Drive, Newark, New Jersey, Newark, New Jersey and known as Block 4274, Lots 1.01, 7, 8, 9, and 10 (Central Ward)(“Project”).
tenants at 80% of AMI located at 489-559 Irvington Avenue, Newark, New Jersey and known as Block 4274, Lot 15 (Central Ward) ("Project").