Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing () Amending
Type of Service: Need for Housing Project
Purpose: Resolution supporting application of 101 14th Avenue, L.L.C, for funding under the Low Income Housing Tax Credit Program through the New Jersey Housing and Mortgage Finance Agency for a twenty-four (24) unit rental housing project known as "A Better Life"
Entity Name: 101 14th Avenue, L.L.C
Entity Address: 233 West Market Street, Newark, New Jersey 07103
Funding Source: New Jersey Housing Mortgage Finance Agency Program Low Income Housing Tax Credit Program
Total Project Cost: $8,609,053.00
City Contribution: N/A
Other Funding Source/Amount: HOME Program/$750,000.00
List of Properties:
(Address/Block/Lot/Ward)
93-101 Fourteenth Avenue, Newark, New Jersey 07103 /Block 274/ Lot 2/West Ward
Additional Information:
body
Whereas,101 14th Avenue L.L.C, 233 West Market Street, Newark, New Jersey 07103 (hereinafter referred to as the "Sponsor") proposes to construct a 24 unit rental housing project, to be named "A Better Life" (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. 5:80-1.1 et seq. and all applicable guidelines promulgated thereunder (the foregoing hereinafter collectively referred to as the "HMFA Requirements") within the City of Newark (hereinafter referred to as the "Municipality") on a site described as Block 274, Lot 2 as shown on the Official Assessment Map of the City of Newark, Essex County and commonly known as 93-101 Fourteenth Avenue, Newark, New Jersey 07103 (West 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.
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 "A Better Life" proposed by 101 14th Avenue L.L.C. , 233 West Market Street, Newark, New Jersey 07103 (the "Sponsor"), which proposes to construct a 24 unit rental housing meets or will meet an existing housing need.
2) The Municipal Council does hereby support 101 14th Avenue L.L.C. for funding under the Low-Income Housing Tax Credit Program through the New Jersey Housing and Mortgage Finance Agency 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 Agency funding to finance the Project.
STATEMENT
Adoption of this Resolution enables the New Jersey Housing and Mortgage Finance Agency to process the application of 101 14th Avenue L.L.C, 233 West Market Street, Newark, New Jersey 07103, for funding under the Low Income Housing Tax Credit Program through the New Jersey Housing and Mortgage Finance Agency for the construction of a 24 unit rental housing project known as A Better Life Project as shown on the Official Assessment Map of the City of Newark, Essex County and commonly known as -101 Fourteenth Avenue, Block 274, Lot 2, (West Ward).