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

City Clerk File No. Res. 09-879Agenda No.1O.HApproved: OCT 282009TITLE:RESOLUTION AUTHORIING AN AMENDMENT TO AN AFFORDABLE HOUSINGAGREEMENT WITH THE DEVELOPER MATIN LUTHER KIG DRIVE JOINT VENTURPARTNERSHIP, TO ENABLE THE OWNERS OFTWO FAMILY HOMES TO CHARGE A FIXDBASE RENT RATHER THAN A RENT BASED ON THE TENANT'S INCOMEWHEREAS, on or about Februar 9, 1999, the City of Jersey City (City) entered into a twenty (20)year Affordable Housing Agreement with Marin Luther King Drive Joint Venture Parnership, toconstrct and sell four (4) two~falily dwellings for a total of eight units of affordable housing attheaddresses 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% of a tenant's anual family income; andWHEREAS, the homeowners listed on Exhibit "A" are the successors in interest to the AffordableHousing Agreement with Marin Luther King Drive Joint Venture Parnership dated February 9,1999; andWHREAS, the curent restrictions tying rents to tenant incomes result in unpredictable fluctuationsthe affordable housing unit; andin rents which could jeopardize the financial viability ofWHEREAS, the City desires to amend the Affordable Housing Agreement to allow homeownersto charge a fixed based rent that they will be permitted to increase anually; andWHEREAS, to accomplish this purpose 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 Municipal 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 annually upon recertifyingtenants.RRfcwPRQYED AS TO~: --Certification Required 0Corporation CounselNot Required o APPROVED 9-0RECORD OF COUNCIL VOTE ON FINAL PASSAGE 10/28/09COUNCllPERSON AYE NAY N.V. COUNCILPERSON AYE NAY N.V. COUNCllPERSON AYE NAY N.Y.SOnOlANO ,/ GAUGHAN 7 BRENNAN ./nnuurii y ./ FULOP' , ./ FLOOD /LOPEZ ./ RICHARDSON / VEGA ,/N.V.-Not Voting (Abstain),l Indicates VoteAv~eeting of';PoëterM.Brennan. President of Council