Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Need for Housing Project
Purpose: To support NJHMFA Low Income Tax Credit Application for the New Community Corporation Manor housing project proposed by 545 Orange Street, LLC, 233 W. Market Street, Newark, New jersey 07103, for construction of 327 rental units of affordable housing on property site listed below.
Entity Name: 545 Orange Street, LLC
Entity Address: 233 W. Market Street Newark, New Jersey 07103
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $15,346,156.00 (Approximately)
City Contribution: N/A
Other Funding Source/Amount: N/A
List of Properties:
(Address/Block/Lot/Ward)
535-551 Orange Street/Block 1904/ Lot 1 /West Ward
276-292 Fifteenth Avenue/Block 249/ Lot 15 /Central Ward
314-324 Fifteenth Avenue/Block 247/ Lot 19 /Central Ward
74-88 Fourteenth Avenue/Block 245/ Lot 1 /Central Ward
55-79 Jones Street/Block 239,/Lot 13 /Central Ward
Additional Information:
No Action Taken, June 18, 2014
Deferred 7R3-a 062414
body
WHEREAS, 545 Orange Street, LLC, 233 W. Market Street, Newark New Jersey 07103 (hereinafter referred to as the (“Sponsor”) proposes to construct approximately Three Hundred Twenty Seven (327) rental units of affordable housing on a site described as Block 1904, Lot 1, Block 249, Lot 15, Block 247, Lot 19, Block 245, Lot 1 and Block 239, Lot 13, as shown on the Official Assessment Map of the City of Newark, Essex County, New Jersey and commonly known as, 535-551 Orange Street, Newark, New Jersey (West Ward), 276-292 Fifteenth Avenue, Newark, New Jersey (Central Ward), 314-324 Fifteenth Avenue, Newark, New Jersey (Central Ward), 74-88 Fourteenth Avenue, Newark, New Jersey (Central Ward) and 55-79 Jones Street, Newark, New Jersey (Central Ward) for a project known as New Community Corporation Manor (hereinafter referred to as the “Project”), to be occupied by individuals whose income is within guidelines set by the New Jersey Low Income Housing Tax Credit program; and
WHEREAS, the Project shall be completed pursuant to 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. 5:80-1.1 et seq., and all applicable guidelines promulgated thereunder (the foregoing hereinafter collectively referred to as the “HMFA Requirements”) within the City of Newark (hereinafter collectively referred to as the “Municipality”); 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.
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 New Community Corporation Manor (hereinafter referred to as the “Project”) proposed by 545 Orange Street, LLC, 233 W. Market Street, Newark New Jersey 07103 (hereinafter referred to as the “Sponsor”), consisting of the construction of approximately Three Hundred Twenty Seven (327) rental units of affordable housing on a site described as Block 1904, Lot 1, Block 249, Lot 15, Block 247, Lot 19, Block 245, Lot 1 and Block 239, Lot 13 as shown on the Official Assessment Map of the City of Newark, Essex County, New Jersey and commonly known as, 535-551 Orange Street, Newark, New Jersey (West Ward), 276-292 Fifteenth Avenue, Newark, New Jersey (Central Ward), 314-324 Fifteenth Avenue, Newark, New Jersey (Central Ward), 74-88 Fourteenth Avenue, Newark, New Jersey (Central Ward) and 55-79 Jones Street, Newark, New Jersey (Central Ward), meets or will meet an existing housing need.
2. 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 HMFA Law to enable the Agency to process the Sponsor’s application for funding to finance the Project.
STATEMENT
This Resolution will permit 545 Orange Street, LLC to meet the requirements for funding from NJHMFA to construct approximately Three Hundred Twenty Seven (327) rental units of affordable housing for a project known as New Community Corporation Manor, Newark, New Jersey (“the Project”) to be occupied by individuals whose income is within guidelines set by the New Jersey Low Income Housing Tax Credit Program on a site described as Block 1904, Lot 1, Block 249, Lot 15, Block 247, Lot 19, Block 245, Lot 1 and Block 239, Lot 13, as shown on the Official Assessment Map of the City of Newark, Essex County, New Jersey and commonly known as, 535-551 Orange Street, Newark, New Jersey (West Ward), 276-292 Fifteenth Avenue, Newark, New Jersey (Central Ward), 314-324 Fifteenth Avenue, Newark, New Jersey (Central Ward), 74-88 Fourteenth Avenue, Newark, New Jersey (Central Ward) and 55-79 Jones Street, Newark, New Jersey (Central Ward).