Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Support Grant Application
Purpose: Support the application of Lofts @ Lincoln Park Urban Renewal, LLC (formerly known as Mid-Atlantic Investment Alliance, LLC) for CHOICE funding for the development of 24 housing units for sale to be sold at subsidized market rate (emerging market) for a project known as Lofts at Lincoln Park
Entity Name: Lofts @ Lincoln Park Urban Renewal, LLC
Entity Address: 11Florence Place, West Orange, New Jersey 07052
Grant Amount: $
Funding Source: CHOICE Funds
Total Project Cost: $
City Contribution: $900,000.00 ($600,000.00-(City Loan - Resolution 7R3-A (S) 092413), $300,000.00-City Loan - Resolution 7R2-A 051612)
Other Funding Source/Amount:
Contract 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: (if applicable)
(Address/Block/Lot/Ward)
Address Block Lot Ward
31 Brunswick Street 2826 37 East Ward
33 Brunswick Street 2826 38 East Ward
27 Brunswick Street 2826 35 East Ward
90-96 Clinton Avenue 2826 3 East Ward
29 Brunswick Street 2826 36 East Ward
Additional Information:
Ordinance 6PSF-I 102913 (Grant of 15 year tax Abatement to Entity)
Resolution 7R3-K (AS) 102913 (Resolution waiving 20 day waiting period for adoption of Ordinance 6PSF-I 102913)
Resolution 7R3-A (S) 092413 (Resolution authorizing $600,000.00 Loan to Entity)
Resolution 7R3-A 050212 (First Amendment to Land Sale Agreement)
Resolution 7R2-A 051612 (Resolution authorizing $300,000.00 Loan to Entity)
Resolution 7R3-G 080112 (Resolution in support of CHOICE fund Application)
Resolution 7R3-D 0901210 (Resolution authorizing sale of City Property to Entity)
body
WHEREAS, the City of Newark desires to support the development of 24 units of housing as outlined in Exhibit A for the development known as The LOFTS AT LINCOLN PARK PROJECT to be funded under the New Jersey Housing and Mortgage Finance Agency's ("the Agency") Choices in Home Ownership Incentives Created for Everyone ("CHOICE") program; and
WHEREAS, the City of Newark supports an affordable housing grant from the Agency in the amount of $1,200,000.00 or an amount not to exceed the maximum amount allowed in accordance with the CHOICE Subsidy for the purpose of subsidizing the construction of homeownership; and
WHEREAS, the CHOICE Subsidy will, when applicable, benefit homebuyers of the units that will be restricted by the Agency using Uniform Housing Affordability Controls (UHAC) restrictions, with funds to be repaid solely to the Agency at the first unrestricted sale; and
WHEREAS, the CHOICE Subsidy will, when applicable, benefit homebuyers of the market units that will be restricted by the Agency using the CHOICE program and Subsidy restrictions, with funds to be repaid solely to the Agency at the first sale; and
WHEREAS, City of Newark recognize Lofts @ Lincoln Park Urban Renewal LLC (formerly known as The Mid-Atlantic Investment Alliance, LLC), 11 Florence Place, West Orange, New Jersey 07052, as the developer/sponsor for the development project known as The Lofts at Lincoln Park Project.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. The City of Newark supports the, Lofts @ Lincoln Park Urban Renewal, LLC (formerly known as The Mid-Atlantic Investment Alliance, LLC), 11 Florence Place, West Orange, New Jersey 07052, developer's application for such grants from the Agency and acknowledges that the processing and expenditure of funds shall be in accordance with the terms of Choices in Home Ownership Incentives Created for Everyone ("CHOICE") Program submitted by Lofts @ Lincoln Park Urban Renewal LLC, 11 Florence Place, West Orange, New Jersey 07052, for the development of 24 housing units for sale to be sold at subsidized market rate (emerging market).
Street Address Block Lot Ward
31 Brunswick Street 2826 37 East Ward
33 Brunswick Street 2826 38 East Ward
27 Brunswick Street 2826 35 East Ward
90-96 Clinton Avenue 2826 3 East Ward
29 Brunswick Street 2826 36 East Ward
2. Any CHOICE Subsidy Funds allowed for this project will be transmitted directly by the State of New Jersey to Lofts @ Lincoln Park Urban Renewal LLC.
3. The Acting Director of the Department of Economic and Housing Development of the City of Newark is hereby authorized to provide any and all information which may be required in order to obtain such a grant and are authorized to implement this resolution and to execute any documents necessary in connection therewith.
4. This resolution does not require the expenditure of any municipal funds.
5. This resolution shall take effect immediately.
EXHIBIT A
Unit Type Homeowner Total
Low Income *
Emerging Market 24 24
* These units will be designated as affordable units and will carry UHAC type income & resale restrictions.
STATEMENT
This resolution is in support of an application for a grant funded under the New Jersey Housing and Mortgage Finance Agency's (the "Agency") Choices in Home Ownership Incentives Created for Everyone ("CHOICE") submitted by Lofts @ Lincoln Park Urban Renewal, LLC (formerly known as The Mid-Atlantic Investment Alliance, LLC) for the development of 24 units of housing for sale at subsidized market (emerging market) rate. The units are to be located on:
STREET ADDRESS BLOCK LOT Ward
31 Brunswick Street 2826 37 East Ward
33 Brunswick Street 2826 38 East Ward
27 Brunswick Street 2826 35 East Ward
90-96 Clinton Avenue 2826 3 East Ward
29 Brunswick Street 2826 36 East Ward