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 or meets 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
Entity Name: 650 Springfield Ave Urban Renewal, LLC
Entity Address: 61 Deans Lane, Monmouth, New Jersey 08852
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $ 16,820,870.00
City Contribution: $500,000.00
Other Funding Source/Amount: Conventional Lender and Deferred Developer Fee/$4,135,345
List of Properties:
(Address/Block/Lot/Ward)
650-656 Springfield Avenue, 708 South 17th Street and 724-726 South 17th Street and 47-55 19th Avenue/ Block 364, Lots 1, 2, 21, 22, 24, 26, 27, 28 and 29 (South Ward)
Additional Information:
body
WHEREAS, 650 SPRINGFIELD AVE URBAN RENEWAL, LLC and its assigns (hereinafter referred to as the “Sponsor”) proposes to construct and operate a 59 residential housing apartment community to be known as 650 Springfield Avenue (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 referred to as the “HMFA Requirements”) within the City of Newark (hereinafter referred to as the “Municipality”) on a site described as a portion of Block 364, Lots 1, 2, 21, 22, 24, 26, 27, 28 and 29as shown on the Official Assessment Map of the City of Newark, Essex County; 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 for the Project 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 as Exhibit A.
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 proposed 650 Springfield Ave Urban Renewal, LLC, 61 Deans Lane, Monmouth, New Jersey 08852, 650-656 Springfield Avenue, 708 South 17th Street and 724-726 South 17th Street and 47-55 19th Avenue in the City of Newark, Block 364/ Lots 1, 2, 21, 22, 24, 26, 27, 28 and 29 (South Ward) proposed a project of 59 residential units to determine whether the project will meet or meets an existing housing need within the City of Newark, New Jersey and its assigns pursuant to the provisions of the HMFA Requirements.
(2) The Municipal Council finds and determines that 650 Springfield Avenue Urban Renewal, LLC, 59 residential unit housing development proposed by the Sponsor, meets all or part of the City of Newark’s low and moderate income housing obligation.
(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 HMFA Requirements to enable the Agency to process the Sponsor’s application for Agency funding to finance the Project.
STATEMENT
The Mayor and/or his designee, the Deputy Mayor/Director of the Department of Economic and Housing Development, find and determine that there is a need in the City for the proposed development and subsidy of the Property and construction of the Project by 650 SPRINGFIELD AVE URBAN RENEWAL, LLC, 61 Deans Lane, Monmouth, New Jersey 08852, 650-656 Springfield Avenue, 708 South 17th Street and 724-726 South 17th Street and 47-55 19th Avenue in the City of Newark, Block 364/ Lots 1, 2, 21, 22, 24, 26, 27, 28 and 29