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

City Clerk File No. Res. 09-883Agenda No. 10. LApproved: OCT 2 8 2009TITLE:RESOLUTION AUTHORIZING AN AMENDMENT TO AN AFFORDABLE HOUSINGAGREEMENT WITH THE DEVELOPER WILLIA JOHNSON ENTERPRISE TO ENABLE THEOWNERS OF TWO FAMILY HOMES TO CHARGE A FIXED BASE RENT RATHER THAN ARENT BASED ON THE TENANT'S INCOMEWHEREAS, on or about August 22, 1995, the City of Jersey City (City) entered into a twenty (20)year Affordable Housing Agreement with Willam Johnson Enterprise, to construct and sell five (5)two-family dwellngs for a total often (10) units of affordable housing at the addresses listed onExhibit "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 Wiliam Johnson Enterprise dated August 22, 1995; andWHEREAS, the current 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 Seetion II(B)(I)(b) of theAffordable Housing Agreement to establish a new base rent that will allow for annual 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)(I)(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.RRcw~FORMCertification Required 0Corporation CounselNot Required oAPPROVEDRECORD OF COUNCIL VOTE ON FINAL PASSAGE 10/28/09COUNCILPERSON AYE NAY N.V. COUNCILPERSON AYE NAY N.V. COUNCILPERSON AYE NAY N.V.SOnOLANO / GAUGHAN .I BRENNAN iInnNNi-11 v /, FULOP.I FLOOD ,/LOPEZ ,/ RICHARDSON i/ VEGA, i/,l Indicates Vote N.V.-Not Voting (Abstain)A~ a meeting of th~icipai Council of the City of Jersey City, N.J. ~ ~~~ IJ Pvv ' t1Peter M. Brennan., Presidentof Council~BY;F