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 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: MAR NHA WSV Phase 1, LLC
Entity Address: 921 Elizabeth Avenue, 5th Floor, Elizabeth, New Jersey 07201
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $22,035,536.00
City Contribution: To Be Determined
Other Funding Source/Amount: $0.00
List of Properties:
(Address/Block/Lot/Ward)
530-570 South 13th Street/Block 310/Lot 1/Central Ward
Additional Information:
body
WHEREAS, MAR NHA WSV Phase 1, LLC (hereinafter referred to as the “Sponsor”) proposes to develop a new twenty-three (23) story building consisting of the development of a new senior building to contain eighty-six (86) affordable residential units, green space, media/computer room, a fitness room, wellness room, community room and on-site management office (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 Block 310, Lot 1 as shown on the Official Assessment Map of the City of Newark, Essex County (Central Ward) and commonly known as 530-570 South 13th Street; 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, known as the West Side Villas - Phase 1 proposed by MAR NHA WSV Phase 1, LLC, (“the Sponsor”), 921 Elizabeth Avenue, 5th Floor, Elizabeth, New Jersey 07201, whom will develop a twenty-three (23) story building consisting of the development of a new senior building to contain eighty-six (86) affordable residential units, green space, media/computer room, a fitness room, wellness room, community room and on-site management office at 530-570 South 13th Street, Newark, New Jersey 07103, and known as Block 310, Lot 1 (Central Ward) of 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 proposed Project, known as the West Side Villas - Phase 1 , by MAR NHA WSV Phase 1, LLC, 921 Elizabeth Avenue, 5th Floor, Elizabeth, New Jersey 07201, which enables the New Jersey Housing and Mortgage Finance Agency to process Sponsor’s application for funding to finance the development of a new (23) story building consisting of the development of a new senior building to contain (86) affordable residential units, green space, media/computer room, a fitness room, wellness room, community room and on-site management office whose income is within the guidelines set by the New Jersey Housing Tax Credit program on a site located at Block 310, Lot 1 as shown on the Official Assessment Map of the City of Newark, Essex County and commonly known as 530-570 South 13th Street, Newark, New Jersey 07103. (Central Ward)