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

~.'. ... . ~City Clerk File No. Res. 09-882Agenda No. 10.KApproved: OCT 2 8 2009TITLE:RESOLUTION AUTHORIING AN AMENDMENT TO AN AFFORDABLE HOUSINGAGREEMENT WITH THE DEVELOPER GASPER GARCIA-ATLANTIC DEVELOPMENT TOENABLE THE OWNERS OF TWO FAMILY HOMES TO CHAGE A FIXD BASE: RENTRATHER THA A RENT BASED ON A TENANT'S INCOMEWHEREAS, the City of Jersey City (City) entered into a twenty (20) year Affordable HousingAgreement with Gasper Garcia-Atlantic Development to constrct and sell four (4) two-familydwellings for a total of eight (8) units of affordable housing at the addresses listed on 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 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 Gasper Garcia-Atlantic Development; 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)(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 anually upon recertifYingtenants.RR/cwAPPROVED:PROVED AS TO LEGAL FORMAPPROVED:-;: ~1 CõunselCertification Required 0Not Required 0APPROVED q.ORECORD OF COUNCIL VOTE ON FINAL PASSAGE10/28/09COUNCILPERSON AYE NAY N.V. COUNCILPERSON AYE NAY N.V. COUNCILPERSON AYE NAY N.V.SOnOLANO .I GAUGHAN / BRENNAN /nn""t"' ~ v ,/ FULOPI FLOOD 7LOPEZ 7 RICHARDSON ./ VEGA, ,/N.V.-Not Voting (Abstain)\.ANPèter M. ,Brennan. President of Council,/ Indicates VoteAd~a meeting of theQí-~