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 Developer to the New Jersey Department of Community Affairs, Affordable Housing Trust Fund
Entity Name: 300 Garside Management Urban Renewal, LLC
Entity Address: 300 Garside Street, Newark, New Jersey 07104
Grant Amount: $0
Total Project Cost: $8,723,517.00
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
300-302 Garside Street/Block 559/Lot 10.03/North Ward
Additional Information:
body
WHEREAS, 300 Garside Management Urban Renewal, LLC, 300 Garside Street, Newark, New Jersey 07104 (“Entity”), proposes to develop a new five-story residential multi-family dwelling consisting of twenty-five (25) affordable housing residential units located at 300-302 Garside Street, Block 559, Lot 10.03 ("Project"); and
WHEREAS, in connection with the financing for the Project, the Entity is applying to the New Jersey Department of Community Affairs, Affordable Housing Trust Fund (“New Jersey Department of Community Affairs”) to obtain funds in an amount not to exceed the maximum amount allowed in accordance with N.J.A.C. 5:32-1.1 et seq.; and
WHEREAS, all entities applying for funds from the New Jersey Department of Community Affairs must meet the requirements of the Neighborhood Preservation Balanced Housing Rules, pursuant to N.J.A.C. 5:43-1.1 et seq., and will be subject to mortgage, other loan documents and deed restrictions; and
WHEREAS, pursuant to the New Jersey Department of Community Affairs Threshold Requirements, all applicants for funds under the New Jersey Department of Community Affairs are required to obtain a Resolution of Support from the Governing Body of the Municipality in which the Project is located; and
WHEREAS, pursuant to the New Jersey Department of Community Affairs Threshold Requirements, the Municipal Council hereby determines that the housing project referenced above, will meet all or part of the City of Newark's low and moderate housing obligation in its Housing Element and Fair Share Plan and it helps fulfill the City’s goal of prioritizing the creation and preservation of low or moderate housing for the residents of the City; and
WHEREAS, the Municipal Council supports the Entity’s direct application for funding as permitted by applicable laws and the Entity will be subject to the New Jersey Department of Community Affairs’ requirements.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1) The Newark Municipal Council (“Municipal Council”) supports the submission of the application by 300 Garside Management Urban Renewal, LLC, 300 Garside Street, Newark, New Jersey 07104 (“Entity”) for funds from the New Jersey Department of Community Affairs, Affordable Housing Trust Fund in an amount not to exceed the maximum amount allowed in accordance with N.J.A.C. 5:43-1.1 et seq., (“Application”) for the purpose of developing a new five-story residential multi-family dwelling consisting of twenty-five (25) affordable housing residential units located at 300-302 Garside Street, Block 559, Lot 10.03 ("Project").
2) The Application for such funds to the New Jersey Department of Community Affairs, Affordable Housing Trust Fund, acknowledges that the Project is located in an eligible municipality in accordance with N.J.A.C. 5:43-1.3(a).
3) The submission of the Application by the Entity and support of the Municipal Council of the same is hereby ratified from the date of submission of the Application for the Funds to the date of adoption of this Resolution.
4) The Municipal Council does hereby adopt the within Resolution and supports the application for funds, pursuant to and in conformity with the New Jersey Department of Community Affairs requirements for the Funds and the Neighborhood Preservation Balanced Housing Rules, N.J.A.C. 5:43-1.1 et seq.
STATEMENT
This Resolution authorizes the Newark Municipal Council to support the application of 300 Garside Management Urban Renewal, LLC, 300 Garside Street, Newark, New Jersey 07104, to the New Jersey Department of Community Affairs, Affordable Housing Trust Fund, for funding to assist in the development of a new five-story residential multi-family dwelling consisting of twenty-five (25) affordable housing residential units located at 300-302 Garside Street, Block 559, Lot 10.03 and ratifies the within from the date of submission of the application to the date of adoption of this Resolution.