Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Resolution of Need for Housing Project
Purpose: To support NJHMFA Low Income Housing Tax Credit Application for funding a project known as Belmont Apartments through the Low Income Housing Tax Credit Program.
Entity Name: New Center City Apartments Urban Renewal, LLC and New Irvine Turner Apartments Urban Renewal, LLC
Entity Address: c/o The NHP Foundation, 122 E. 42nd Street, Suite 4900, New York, New York 10168
Funding Source: New Jersey Housing Mortgage Finance Agency Program (Low Income Housing Tax Credit)
Total Project Cost: $28,747,039.00
City Contribution: N/A
Other Funding Source/Amount: N/A
List of Properties:
(Address/Block/Lot/Ward)
76-80 Court Street/Block 100/Lot 14/Central Ward
40-44 West Kinney Street/Block116/Lot 18 and 20/Central Ward
385-391 Irvine Turner Boulevard/Block 2675/Lot 44/South Ward
393-395 Irvine Turner Boulevard/Block 2675/Lot 41/South Ward
396-402 Irvine Turner Boulevard/Block 2678/Lot 16/South Ward
397-403 Irvine Turner Boulevard/Block 2675/Lot 40/South Ward
416-432 Irvine Turner Boulevard/Block 2693/Lot 7/South Ward
Additional Information:
Amending Original Resolution 7R3-d(S) adopted June 23, 2016, a resolution of need supporting an application for NJHMFA funds to rehabilitate six (6) buildings containing approximately one hundred and forty-two (142) family rental units of affordable housing, for a project know as Aspen-Belmont Apartments to be occupied by individuals whose income is within guidelines set by the New Jersey Low Income Housing Tax Credit Program.
The Original Resolution 7R3-d(S) adopted June 23, 2016, erroneously stated that the project contained one hundred and forty-two (142), instead of one hundred and forty-three (143) rental units.
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WHEREAS, pursuant to Resolution 7R3-d(S) June 23, 2016, the Municipal Council determined that there was a need for the rehabilitation of six (6) buildings containing approximately one hundred and forty-two (142) family rental units of affordable housing on sites described as: Belmont Apartments (385-391, 393-395 and 416-432 Irvine Turner Boulevard), Aspen-Belmont Apartments (399 Irvine Turner Boulevard and 400 Irvine Turner Boulevard), Center City Housing #9B (76-80 Court Street), and Center City Housing #9 (40-44 West Kinney Street), (collectively 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
WHEREAS, the rehabilitation of these properties is to be financed with a New Jersey Housing and Mortgage Finance Agency (hereinafter referred to as the “Agency”) loan; and
WHEREAS, Resolution 7R3-d(S) June 23, 2016, contained three errors: 1) it indicated that the Project contained one hundred and forty-two (142) rental units, instead of one hundred and forty-three (143) rental units; 2) it misidentified the Block/Lot designation of 397-403 Irvine Turner Boulevard; and 3) it incorrectly identified one of the addresses contained in the Project as 416-422 Irvine Turner Boulevard; and
WHEREAS, the total number of units must be corrected to indicate that 143 units will be rehabilitated in the Project instead of 142 units, the Block/Lot designation of 397-403 Irvine Turner Boulevard must be amended; and 416-422 Irvine Turner Boulevard must be corrected to reflect the proper street address as identified on the Official Tax Map of the City of Newark and in accordance with the Financial Agreements approved in 6PSF-b March 20, 2019 and 6PSF-c March 20, 2019; and
WHEREAS, the Agency requires these corrections in order to complete the financing documents for the Project; and
WHEREAS, in the time since the Municipal Council approved Resolution 7R3-d(S) June 23, 2016, the Project was acquired by New Center City Apartments Urban Renewal, LLC and New Irvine Turner Apartments Urban Renewal, LLC, c/o The NHP Foundation, 122 E. 42nd Street, New York, New York 10168, which entities will continue the loan application process; and
WHEREAS, the Project shall be completed 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 promulgated thereunder (the foregoing hereinafter collectively referred to as the “HMFA Requirements”) within the City of Newark; and
WHEREAS, the Project will be subject to HMFA Requirements and the mortgage and other loan documents executed between the Sponsor and 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 Belmont Apartments (385-391, 393-395 and 416-432 Irvine Turner Boulevard), Aspen-Belmont Apartments (397-403 Irvine Turner Boulevard and 396-402 Irvine Turner Boulevard), Center City Housing #9B (76-80 Court Street), and Center City Housing #9 (40-44 West Kinney Street), specifically of the rehabilitation of six (6) buildings containing approximately one hundred and forty-three (143) family rental units of affordable housing meets or will meet an existing housing need.
(2) The total number of units in the Project are corrected to indicate that one hundred and forty-three (143) units will be rehabilitated instead of one hundred and forty-two (142) units as previously indicated.
(3) The Block/Lot designation of 397-403 Irvine Turner Blvd is hereby corrected to read: Block 2675, Lot 40.
(4) The street address of 416-422 Irvine Turner Boulevard (Block 2693/Lot 7) is hereby amended to reflect: 416-432 Irvine Turner Boulevard.
(5) The Project shall be completed 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 promulgated thereunder within the City of Newark (hereinafter referred to as the “Municipality”).
(5) The Project shall be subject to HMFA Requirements and the mortgage and other loan documents executed between the Sponsor and the Agency. The Municipal Council hereby adopts 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 Agency funding to finance the Project.
STATEMENT
This Resolution amends Resolution 7R3-d(S) June 23, 2016, to correct the number of units to be rehabilitated from 142 units to 143 units, to change the Block/Lot designation of 397-403 Irvine Turner Boulevard to Block 2675, Lot 40 and to amend 416-422 Irvine Turner Boulevard to 416-432 Irvine Turner Boulevard as identified on the Official Tax Map of the City of Newark.