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

City Clerk File No. Res. 09-881Agenda No.1O.JApproved:.TITLE:OCT 2 8 2009RESOLUTION AUTHORIING AN AMENDMENT TO AN AFFORDABLEHOUSING AGREEMENT WITH THE DEVELOPER WHITON STREETASSOCIATES,L.L.C. TO ENABLE TH OWNRS OF TWO-FAMILY HOMES TOCHAGE A FIXED BASE RENT RATHER THAN A RENT BASED ON ATENAN'S INCOMEWHEREAS, on or about May 14, 1999, the City of Jersey City (City) entered into a twenty (20) yearAffordable Housing Agreement with Whiton Street Associates, L.L.C. (WSA) to construct and sellten (10) two-family dwellngs for a total of twenty unts of affordable housing atthe addresses listedon Exhibit "A" attached 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 qualitìed 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 WSA dated May 14, 1999; 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 they will be permitted to increase anually; andWHEREAS, to accomplish this purose it is necessar to amend Section II(B)(I)(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" attachedhereto and incorporated herein by reference for 2009; and2. The homeowners shall be permitted to increase the base rents anually upon recertifyingtenants.RRfcwPROVED AS TO LEGAL FORMAPPRO~Corporation CounselCertification Required 0Not Required 0APPRovm 9.0RECORD OF COUNCIL VOTE ON FINAL PASSAGE 1COUNCILPERSON AYE NAY N.V. COUNCILPERSON AYE NAY N.V. COUNCILPERSON AYE NAY N.V.SOnOLANO .I GAUGHAN ./ BRENNAN ./'DONNELLY /. FULOP .I FLOOD i/LOPEZ ./ RICHARDSON ./ VEGA i/,l Indicates Vote N.V.-Not Vonng (Abstain)AV het/tf the~~Cil of the City of Jersey Cit, N.J.Peter M. Brennan. ' President of Council Clerk