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AN ORDINANCE AMENDING THE THIRTY (30) YEAR TAX ABATEMENT GRANTED TO PILGRIM BAPTIST VILLAGE PRESERVATION URBAN RENEWAL, LLC, 200 VESEY STREET, 24TH FLOOR, NEW YORK, NEW YORK 10281, PURSUANT TO THE LONG TERM TAX EXEMPTION LAW, N.J.S.A. 40A:20-1 ET SEQ., FOR A PROJECT TO ACQUIRE AND REHABILITATE (2) AFFORDABLE HOUSING PROJECTS CONTAINING (305) RESIDENTIAL UNITS, CONSISTING OF (2) SUPERINTENDENT UNITS AND (303) AFFORDABLE HOUSING UNITS, ALL OF WHICH ARE AND SHALL CONTINUE TO BE AVAILABLE TO FAMILIES EARNING 60% OR LESS OF THE AREA MEDIAN INCOME ("AMI"), LOCATED AT 291-319 18TH AVENUE AND 143-171 AVON AVENUE, NEWARK, NEW JERSEY 07108 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 2571, LOT 60 AND BLOCK 2575, LOT 49 (CENTRAL WARD), TO AMEND THE DESCRIPTION OF LOW-INCOME FAMILIES AS DEFINED IN 42 USC ? 1437a(b)(2)(A) AND TO ENDORSE THE AVERAGE INCOME MINIMUM SET-ASIDE ELECTION MADE BY THE ENTITY FOR ALL LOW-INCOME HOUSING TAX CREDIT ("LIHTC") UNITS IN THE AFFORDABLE HOUSING PROJECT.
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WHEREAS, on July 10, 2019, the Municipal Council adopted Ordinance 6PSF-j (the "Ordinance"), a copy of which is attached hereto as Exhibit A, granting a thirty (30) year tax abatement to Pilgrim Baptist Village Preservation Urban Renewal, LLC, 200 Vesey Street, 24th Floor, New York, New York 10281 (the "Entity"), pursuant to the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq., for the acquisition and rehabilitation of two (2) affordable housing projects containing three hundred five (305) residential units, consisting of two (2) superintendent units and three hundred three (303) affordable housing units, all of which were described as remaining available to families earning "60% or less" of the Area Median Income ("AMI"), located at 291-319 18th Avenue and 143-171 Avon Avenue, Newark, New Jersey 07108 and identified on the Official Tax Map of the City of Newark, as Block 2571, Lot 60 and Block 2575, Lot 49 (the "Property") (collectively th...
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