Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Need for Housing Project
Purpose: To determine whether the proposed Project will meet(s) an existing housing need within the City of Newark, 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.
Entity Name: Stella Gardens Preservation, LLC
Entity Address: 250 West 55th Street, 35th Floor, New York, New York 10019
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low-Income Housing Tax Credit)
Total Project Cost: $137,665,418.00
City Contribution: $0.00
Other Funding Source/Amount: $0.00
List of Properties:
(Address/Block/Lot/Ward)
331-343 Springfield Avenue/Block 2544.08/Lot 1/Central Ward
Additional Information:
body
WHEREAS, Stella Gardens Preservation, LLC (hereinafter referred to as the “Sponsor”) proposes the rehabilitation of an existing affordable housing project, consisting of 262 residential units, restricted to households earning no more than sixty percent (60%) of the Area Median Income (“AMI”), currently supported by a Project Based Voucher contract administered by HUD via a RAD Section 18 conversion, which will consist of substantial renovation of the apartment units, buildings, and systems, including comprehensive upgraded apartment kitchens and bathrooms, replace and upgrade flooring, doors, and hardware, providing new paint, installation of Energy Star lighting and plumbing fixtures, updating the HVAC systems, full-time resident services, free cable and internet, air conditioning units and free parking (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 2544.08, Lot 1, as shown on the Official Assessment Map of the City of Newark, Essex County and commonly known as 331-343 Springfield Avenue, Newark, New Jersey (Central 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 (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 and the Agency, a copy of which is attached hereto and made a part hereof.
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 Stella Gardens Preservation, LLC, 250 West 55th Street, 35th Floor, New York, New York 10019 (the “Sponsor”), whom will rehabilitate an existing affordable housing project, consisting of 262 residential units, restricted to households earning no more than sixty percent (60%) of the Area Median Income (“AMI”), currently supported by a Project Based Voucher contract administered by HUD via a RAD Section 18 conversion, which will consist of a substantial renovation of the apartment units, buildings, and systems, including comprehensive upgraded apartment kitchens and bathrooms, replace and upgrade flooring, doors, and hardware, providing new paint, installation of Energy Star lighting and plumbing fixtures, updating the HVAC systems, full-time resident services, free cable and internet, air conditioning units and free parking, located at 331-343 Springfield Avenue, Newark, New Jersey, and known as Block 2544.08, Lot 1 (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 “NJHMFA 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 Stella Gardens Preservation, LLC, 250 West 55th Street, 35th Floor, New York, New York 10019 (“Sponsor”), which enables the New Jersey Housing and Mortgage Finance Agency to process Sponsor’s application for funding to finance the rehabilitation of an existing affordable housing project, consisting of 262 residential units, restricted to households earning no more than sixty percent (60%) of the Area Median Income, currently supported by a Project Based Voucher contract administered by HUD via a RAD Section 18 conversion, which will consist of a substantial renovation of the apartment units, buildings, and systems, including comprehensive upgraded apartment kitchens and bathrooms, replace and upgrade flooring, doors, and hardware, providing new paint, installation of Energy Star lighting and plumbing fixtures, updating the HVAC systems, full-time resident services, free cable and internet, air conditioning units and free parking, located at 331-343 Springfield Avenue, Newark, New Jersey, and known as Block 2544.08, Lot 1 (Central Ward).