Resolution of the City of Jersey City, N.J.

City Clerk File No. Res. 09-878Agenda No.10.GApproved: OCT 282009TITLE:RESOLUTION AUTHORIING AN AMENDMENT TO AN AFFORDABLEHOUSING AGREEMENT WITHTHE DEVELOPERJP AFFORDABLE HOUSINGHOLDING COMPAN, INC. TO ENABLE THE OWNERS OF TWO FAMILYHOMES TO CHAGE A FIXED BASK RENT RATHER THAN A RENT BASEDON THE TENANT'S INCOMEWHEREAS, on or about May 22, 1995, the City of Jersey City (City) entered into a twenty (20) yearAffordable Housing Agreement with JP Affordable Housing Holding Company, Inc. (JPAH),scattered site, to construct and sell twenty (20) two-family dwellings for a total of fort units ofaffordable housing at the addresses listed on Exhibit "A" attched hereto; andWHEREAS, the Affordable Housing Agreement requires that the purchaser of a two-family homereside in one unit and rent the second unit to an income qualified tenant at a rental rate not to exceedmore than 30% ofa tenant's anual family income; andWHEREAS, the homeowners listed on Exhibit "A" are the successors in interest to the AffordableHousing Agreement with JPAH dated May 22, 1995; andWHEREAS, the curent restrictions tying rents to tenant incomes result in unpredictable fluctuationsin rents which could jeopardize the financial viability of the affordable housing unit; andWHEREAS, the City desires to amend the Affordable Housing Agreement to allow homeownersto charge a fixed based rent that will be permitted to increase anually; andWHEREAS, to accomplish this purose it is necessar to amend Section II(B)(l)(b) of theAffordable Housing Agreement to establish a new base rent that will allow for anual incrementsbased on the Home Program Rent Limits published in the Federal Register.NOW, THEREFORE BE IT RESOLVED, by the Muncipal Council ofthat:the City of Jersey City1. Section II(B)(l)(b) is amended to establish the base rents listed on Exhibit "A" attchedhereto and incorporated herein by reference for 2009; and2. The homeowners shall be permitted to increase the base rents anually upon recertifyingtenants.RRlcwROVED AS TO LEGAL FORMc:Certificátion Required DCorporation CounselRECORO OF COUNCil VOTE ON FINAL PASSAGE 10728/09COUNCllPERSON AYE NAY N.V. COUNCllPERSON AYE NAY N.V. COUNCllPERSON AYE NAY N.V.SOnOLANO ./ GAUGHAN ./ BRENNAN .I.DONNElLY .I FULOP ./ FLOOD ,¡ /LOPEZ ./ RICHARDSON ./ VEGA, i/,l Indicates VoteAut a meeting of theal Council of tl)e City of Jersey City, N.J.Not Required 0 APPROVED 9 0-N.V.-Not Voting (Abstain)Peter M. Brennan.President of Council