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A BOND ORDINANCE OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, STATE OF NEW JERSEY, PROVIDING FOR LOANS TO THE NEWARK HOUSING AUTHORITY OR ITS RELATED ENTITIES FOR THE PURPOSE OF ACQUIRING AND MAINTAINING VARIOUS PROPERTIES FOR USE AS AFFORDABLE HOUSING; APPROPRIATING $20,000,000.00 THEREFOR AND AUTHORIZING THE ISSUANCE OF $20,000,000.00 IN BONDS OR NOTES OF THE CITY TO FINANCE THE COST THEREOF.
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WHEREAS, the Housing Authority of the City of Newark (the "Authority") has been duly created as a public body corporate and politic of the State of New Jersey (the "State") by an Ordinance of the members of the Municipal Council of the City of Newark (the "City"), in the County of Essex (the "County"), New Jersey (the "State") duly adopted pursuant to and in accordance with all applicable law, including the Local Housing Authorities Law, constituting Chapter 19 of the Pamphlet Laws of 1938 (N.J.S.A. 55:14A-1 et seq.) of the State and the acts amendatory thereof and supplemental thereto, as repealed and replaced by the Local Redevelopment and Housing Law, constituting Chapter 79 of the Pamphlet Laws of 1992 (N.J.S.A. 40A:12A-1 et seq.) of the State and the acts amendatory thereof and supplemental thereto (the "Housing Law"); and
WHEREAS, Roizman Development, Inc. (the "Developer") previously acquired, constructed, furnished, equipped and developed properties commonly known as West Kinney Gardens Phase I-A ("West Kinney"), West Kinney Gardens Phase I-B ("Hayes"), and Stella Gardens Apartments ("Prince" and together with West Kinney and Hayes, the "Properties") as affordable housing projects on land owned by the Authority and leased to the Developer; and
WHEREAS, the Developer financed the acquisition, construction, furnishing, equipping and development of the Properties, in part, with low-income housing tax credits, loans from the Authority, the New Jersey Department of Community Affairs, and the New Jersey Housing and Mortgage Finance Age...
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