Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Need for Housing Project
Purpose: To Support NJHMFA Low Income Tax Credit Application for the Spruce Spires housing project proposed by Spruce Spires Urban Renewal, L.P. for the rehabilitation of One Hundred and Twelve (112) rental units of affordable housing on a site described as Block 2559, lots 31, 35, 41, 42 and 44.
Entity Name: Spruce Spires Urban Renewal, L.P.
Entity Address: 820 Bear Tavern Road, West Trenton, NJ 08628
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $23,936,416.00
City Contribution: -0-
Other Funding Source/Amount: HMFA 1st Mortgage/$9,400,000.00/HMFA 2nd Mortgage /$2,100,000.00, Bridge Loan/$4,491,538.00, 4% LIHTC Equity/$5,707,061.00
List of Properties:
(Address/Block/Lot/Ward)
717-723 & 725-727 Dr. Martin Luther King, Jr. Blvd./Block 2559/Lots 31 &35/Central Ward
90-92; 94-96 & 98-100 Spruce Street/Block 2559/Lots 41, 42 &44/Central Ward
Additional Information:
885 Second Avenue 31st Floor, New York, New York 10017: Main business or principal address per the Business Registration Certificate effective date 2-13-14
body
WHEREAS, Spruce Spires Urban Renewal, L.P., 820 Bear Tavern Road, West Trenton, New Jersey 08628 (hereinafter referred to as the "Sponsor") proposes the rehabilitation of One Hundred and Twelve (112) rental units of affordable housing on a site described as Block 2559, lots 31, 35, 41, 42 and 44 as shown on the Official Assessment Map of the City of Newark, Essex County New Jersey and commonly known as 717-723 & 725-727 Dr. Martin Luther King, Jr. Blvd. and 90-92, 94-96, and 98-100 Spruce Street, Newark New Jersey, (Central Ward) for a project known as Spruce Spires Project (hereinafter referred to as the "Project"), to be occupied by households whose income is within guidelines set by the New Jersey Low Income Housing Tax Credit program; and
WHEREAS, 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 Spruce Spires Project (hereinafter referred to as the "Project") proposed by Spruce Spires Urban Renewal, L.P, 820 Bear Tavern Road, West Trenton, New Jersey 08628 (hereinafter referred to as the "Sponsor"), consisting of the rehabilitation of One Hundred and Twelve (112) rental units of affordable housing on a site described as Block 2559, lots 31, 35, 41, 42 and 44 as shown on the Official Assessment Map of the City of Newark, Essex County New Jersey and commonly known as 717-723 & 725-727 Dr. Martin Luther King, Jr. Blvd. and 90-92, 94-96, and 98-100 Spruce Street, Newark New Jersey, (Central Ward), meets or will meet an existing housing need.
(2) The Municipal Council does hereby adopt the Resolution and makes the determination and findings herein contained by virtue of, pursuant to, and in conformity with the provisions of HMFA Law to enable the Agency to process the Sponsor's application for Agency funding to finance the Project.
STATEMENT
This resolution will permit Spruce Spires Urban Renewal, L.P, 820 Bear Tavern Road, West Trenton, NJ 08628 to meet the requirements for funding from NJHMFA for the rehabilitation of One Hundred and Twelve (112) rental units of affordable housing of affordable housing, to be occupied by households whose income is within guidelines set by the New Jersey Low Income Housing Tax Credit program on a site described as Block 2559, lots 31, 35, 41, 42 and 44 as shown on the Official Assessment Map of the City of Newark, Essex County New Jersey and commonly known as 717-723 & 725-727 Dr. Martin Luther King, Jr. Blvd. and 90-92, 94-96, and 98-100 Spruce Street, Newark NJ, (Central Ward.