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

~.City Clerk File No. Res. 09-873Agenda No. lO.BApproved: OCT 2 8 2009TITLE:RESOLUTION AUTHORIZING AN AMENDMENT TO AN AFFORDABLE HOUSINGAGREEMENT WITH THE DEVELOPER JP AFFORDABLE HOUSING HOLDING COMPAN,INC., (PHASE I), TO ENABLE THE OWNERS OFTWO FAMILY HOMES TO CHAGE A FIXDBASE RENT RATHER THAN A RENT BASED ON THE TENANT'S INCOMEWHEREAS, the City of Jersey City (City) entered into a twenty (20) year Affordable HousingAgreement with JP Affordable Housing Holding Company, Inc. (JPAH), Phase I, to construct andsell twenty-two (22) two-family dwellngs for a total offort-four units of affordable housing at theaddresses 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 JP AH; 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 will be permitted to increase anually; andWHEREAS, to accomplish this purpose it is necessary to amend Section Il(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 Il(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.RRcwPPR:=AS TQ I :5~ORMCertification Required 0Corporation CounselNot Required D. APPROVED 9 - 0RECORD OF COUNCIL VOTE ON FINAL PASSAGE 10128/09COUNCILPERSON AYE NAY N.V. COUNCILPERSON AYE NAY N.V. COUNCILPERSON AYE NAY N.V.SOnOLANO i/,GAUGHAN i/ BRENNAN /DONNELLY ,I FULOP .I, FLOOD ,/LOPEZ ./ RICHARDSON I VEGA, i/,l Indicates Vote N.V.-Not Voting (Abstain)~at a meeting of th~eipai cou, neil of the City of Jersey City, N.J.l. ¿; tl U/lPeter M. Brennan. President of Council