~~It V~e' - . 0, , - Jersey City

Resolution of the City of Jersey City, N.J.
City Clerk File No.
Agenda No.
Approved:
TITLE:
Res. 10-478
10.Z.10
JUL i 4 2010
RESOLUTION OF THE MUNICIPAL COUNCIL OF THE CITY OF JERSEY CITY
AUTHORIZING AN AFFORDABLE HOUSING TRUST FUND (AHTF) AGREEMENT
WITH JERSEY CITY REDEVELOPMENT AGENCY (JCRA) 'FOR THE
ACQUISITION OF 451-457 OCEAN AVENUE
WHEREAS, on September 28, 2005 the City of Jersey City adopted Ordinance 05-
130 amending and supplementing Chapter 304, Article Vi (Long Term Tax
Exemptions) of the Jersey City Code that established an Affordable Housing Trust
Fund (AHTF) from recipients of long term tax exemptions to adopt a spending plan;
and
WHEREAS, said spending plan authorizes the City to enter into contract with for
profit or non-profit entities, organized under state and federal law for the purpose of
constructing affordable housing or a public entity; and
WHEREAS, eligible applicants must provide proof that it is the recipient of funds
from another public or private source that together with the AHTF will constitute
suffcient funds to complete the proposed project; and
WHEREAS, the Jersey City Redevelopment Agency (JCRA) is interested in acquiring
properties located at 451-457 Ocean Avenue (Block 1332, Lot 20.99 and Block 1332,
Lot 18.99); and
WHEREAS, the purpose of this acquisition is to assemble propert for the future
development of an affordable housing project to consist of approximately seventy
(70) units; and
WHEREAS, JCRA has designated Genesis Partners, LLC as the developer to
redevelop this vacant land with the use of tax credits and other sources of financing;
and
WHEREAS, the total costs of this acquisition is $320,000 and JCRA is requesting
Affordable Housing Trust Funds (AHTF) to cover these costs.
NOW, THEREFORE, BE IT RESOLVED by the Municipal Council of the City of
Jersey City that:
1) The Mayor or Business Administrator is hereby authorized to enter into an
Affordable Housing Trust Fund (AHTF) Agreement with Jersey City
Redevelopment Agency (JCRA) for the acquisition of 451-457 Ocean Avenue in
the amount of $320,000.