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: Kawaida Towers, LP
Entity Address: 909 3rd Avenue, 21st Floor, New York, New York 10022
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $28,500,000.00
City Contribution: $5,000,000.00
Other Funding Source/Amount: $0.00
List of Properties:
(Address/Block/Lot/Ward)
17- 21 Halsey Street/Block 20/Lot 1/Central Ward
Additional Information:
body
WHEREAS, Kawaida Towers, LP (hereinafter referred to as the “Sponsor”), proposes to construct and operate approximately 66 affordable housing units within a project known as Kawaida Towers (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 “HMFA Requirements”) within the City of Newark (hereinafter referred to as the “Municipality”) on a site described as Block 20 Lot 1, as shown on the Official Assessment Map of the City of Newark, Essex County and commonly known as 17- 21 Halsey Street, Newark, New Jersey 07102 (Central Ward); 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; 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 known as Kawaida Towers (hereinafter referred to as the “Project”) as proposed by Kawaida Towers LP, 909 3rd Avenue, 21st Floor, New York, New York 10022 (“Sponsor”), which will demolish an existing structure and construct 66 affordable housing units located at 17-21 Halsey, Newark, New Jersey, and known as Block 20, Lot 1 (Central Ward) 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 66 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 known as Kawaida Towers proposed by Kawaida Towers, LP, 909 3rd Avenue, 21st Floor, New York, NY 10022 (“Sponsor”), which enables the New Jersey Housing and Mortgage Finance Agency to process Sponsor’s application for funding to finance the construction of 66 affordable housing units whose income is within the guidelines set by the New Jersey Housing Tax Credit program on a site located at Block 20, Lot 1 as shown on the Official Assessment Map of the City of Newark, Essex County and commonly known as 17-21 Halsey Street, Newark, New Jersey (Central Ward).