Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Resolution of need for Housing Project
Purpose: To support NJHMFA Low Income Tax Application for the Riverside Arms Apartments housing project proposed by Riverside Arms Urban Renewal, LLP, 71 Lake Avenue, Colonia, New Jersey 07067, for construction of 128 rental units of affordable housing. On Block 617, Lots 1.01 through 1.25.
Entity Name: Riverside Arms Urban Renewal, LLP
Entity Address: 71 Lake Avenue, Colonia, New Jersey 07067
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $ ?
City Contribution: Not Known at this time
Other Funding Source/Amount: CDBG Disaster Recovery/$ 4,200,000.00
List of Properties:
(Address/Block/Lot/Ward)
14-16 Chester Avenue/Block 617/Lot 1.01 (North Ward)
2 Jules Place/Block 617/Lot 1.02 (North Ward)
4 Jules Place/Block 617/Lot 1.03 (North Ward)
6 Jules Place/Block 617/Lot 1.04 (North Ward)
8 Jules Place/Block 617/Lot 1.05 (North Ward)
10 Jules Place/Block 617/Lot 1.06 (North Ward)
12 Jules Place/Block 617/Lot 1.07 (North Ward)
14 Jules Place/Block 617/Lot 1.08 (North Ward)
13 Jules Place/Block 617/Lot 1.09 (North Ward)
11 Jules Place/Block 617/Lot 1.10 (North Ward)
9 Jules Place/Block 617/Lot 1.11 (North Ward)
7 Jules Place/Block 617/Lot 1.12 (North Ward)
5 Jules Place/Block 617/Lot 1.13 (North Ward)
3 Jules Place/Block 617/Lot 1.14 (North Ward)
1 Jules Place/Block 617/Lot 1.15 (North Ward)
93-95 Herbert Place/Block 617/Lot 1.16 (North Ward)
89-91 Herbert Place/Block 617/Lot 1.17 (North Ward)
87 Herbert Place/Block 617/Lot 1.18 (North Ward)
83-85 Herbert Place/Block 617/Lot 1.19 (North Ward)
81Herbert Place/Block 617/Lot 1.20 (North Ward)
77-79 Herbert Place/Block 617/Lot 1.21 (North Ward)
75 Herbert Place/Block 617/Lot 1.22 (North Ward)
71-73 Herbert Place/Block 617/Lot 1.23 (North Ward)
69 Herbert Place/Block 617/Lot 1.24 (North Ward)
63-67 Herbert Place/Block 617/Lot 1.25 (North Ward).
Additional Information:
A&A Construction, Inc., 14-16 Chester Avenue, Newark, New Jersey 07104, is identified as the owner of record for all property listed above.
body
WHEREAS, Riverside Arms Urban Renewal LLP, 71 Lake Street, Colonia New Jersey 07067 (hereinafter referred to as the ("Sponsor") proposes to construct approximately one hundred twenty eight (128) rental units of affordable housing on a site described as Block 617, Lots 1.01 through1.25 as shown on the Official Assessment Map of the City of Newark, Essex County, New Jersey and commonly known as:
14-16 Chester Avenue/Block 617/Lot 1.01 (North Ward)
2 Jules Place/Block 617/Lot 1.02 (North Ward)
4 Jules Place/Block 617/Lot 1.03 (North Ward)
6 Jules Place/Block 617/Lot 1.04 (North Ward)
8 Jules Place/Block 617/Lot 1.05 (North Ward)
10 Jules Place/Block 617/Lot 1.06 (North Ward)
12 Jules Place/Block 617/Lot 1.07 (North Ward)
14 Jules Place/Block 617/Lot 1.08 (North Ward)
13 Jules Place/Block 617/Lot 1.09 (North Ward)
11 Jules Place/Block 617/Lot 1.10 (North Ward)
9 Jules Place/Block 617/Lot 1.11 (North Ward)
7 Jules Place/Block 617/Lot 1.12 (North Ward)
5 Jules Place/Block 617/Lot 1.13 (North Ward)
3 Jules Place/Block 617/Lot 1.14 (North Ward)
1 Jules Place/Block 617/Lot 1.15 (North Ward)
93-95 Herbert Place/Block 617/Lot 1.16 (North Ward)
89-91 Herbert Place/Block 617/Lot 1.17 (North Ward)
87 Herbert Place/Block 617/Lot 1.18 (North Ward)
83-85 Herbert Place/Block 617/Lot 1.19 (North Ward)
81Herbert Place/Block 617/Lot 1.20 (North Ward)
77-79 Herbert Place/Block 617/Lot 1.21 (North Ward)
75 Herbert Place/Block 617/Lot 1.22 (North Ward)
71-73 Herbert Place/Block 617/Lot 1.23 (North Ward)
69 Herbert Place/Block 617/Lot 1.24 (North Ward)
63-67 Herbert Place/Block 617/Lot 1.25 (North Ward)
for a project known as Riverside Arms Apartments (hereinafter referred to as the "Project"), to be occupied by individuals whose income is within guidelines set by the New Jersey Low Income Housing Tax Credit Program; and
WHERAS, the Project shall be completed pursuant to 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. 5:80-1.1 et seq., and all applicable guidelines promulgated thereunder (the foregoing hereinafter collectively referred to as the "HMFA Requirements") within the City of Newark (hereinafter collectively referred to as the "Municipality"); 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.
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 Riverside Arms Apartments (hereinafter referred to as the "Project") proposed by Riverside Arms Urban Renewal LLP, 71 Lake Street, Colonia New Jersey 07067 (hereinafter referred to as the "Sponsor"), consisting of the construction of approximately one hundred twenty eight (128) rental units of affordable housing on a site described as Block 617, Lot(s) 1.01 through1.25, as shown on the Official Assessment Map of the City of Newark, Essex County, New Jersey and commonly known as:
14-16 Chester Avenue/Block 617/Lot 1.01 (North Ward)
2 Jules Place/Block 617/Lot 1.02 (North Ward)
4 Jules Place/Block 617/Lot 1.03 (North Ward)
6 Jules Place/Block 617/Lot 1.04 (North Ward)
8 Jules Place/Block 617/Lot 1.05 (North Ward)
10 Jules Place/Block 617/Lot 1.06 (North Ward)
12 Jules Place/Block 617/Lot 1.07 (North Ward)
14 Jules Place/Block 617/Lot 1.08 (North Ward)
13 Jules Place/Block 617/Lot 1.09 (North Ward)
11 Jules Place/Block 617/Lot 1.10 (North Ward)
9 Jules Place/Block 617/Lot 1.11 (North Ward)
7 Jules Place/Block 617/Lot 1.12 (North Ward)
5 Jules Place/Block 617/Lot 1.13 (North Ward)
3 Jules Place/Block 617/Lot 1.14 (North Ward)
1 Jules Place/Block 617/Lot 1.15 (North Ward)
93-95 Herbert Place/Block 617/Lot 1.16 (North Ward)
89-91 Herbert Place/Block 617/Lot 1.17 (North Ward)
87 Herbert Place/Block 617/Lot 1.18 (North Ward)
83-85 Herbert Place/Block 617/Lot 1.19 (North Ward)
81Herbert Place/Block 617/Lot 1.20 (North Ward)
77-79 Herbert Place/Block 617/Lot 1.21 (North Ward)
75 Herbert Place/Block 617/Lot 1.22 (North Ward)
71-73 Herbert Place/Block 617/Lot 1.23 (North Ward)
69 Herbert Place/Block 617/Lot 1.24 (North Ward)
63-67 Herbert Place/Block 617/Lot 1.25 (North Ward)
meets or will meet an existing housing need.
(2) 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 Law to enable the Agency to process the Sponsor's application for funding to finance the Project.
STATEMENT
This Resolution will permit Riverside Arms Urban Renewal LLP, to meet the requirements for funding from NJHMFA to construct approximately one hundred twenty eight (128) rental units of affordable housing for a project known as Riverside Arms Apartments, Newark, New Jersey ("the Project") to be occupied by individuals whose income is within guidelines set by the New Jersey Low Income Housing Tax Credit Program on a site described as Block 617 Lot (s) 1.01 through1.25, as shown on the Official Assessment Map of the City of Newark, Essex County, New Jersey.