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

City Clerk File No. Res.Agenda No. lO.eApproved: OCT 2 8 2009TITLE:RESOLUTION AUTHORIING AN AMENDMENT TO AN AFFORDABLEHOUSING AGREEMENT WITH THE DEVELOPERJP AFFORDABLE HOUSINGHOLDING COMPANY, INC., (PHASE II) TO ENABLE THE OWNERS OF TWO-FAMILY HOMES TO CHAGE A FIXED BASED RENT RATHER THAN A RENTBASE: ON THE TENANT'S INCOMEWHEREAS, on or about October 1992, the City of Jersey City (City) entered into a twenty (20) yearAffordable Housing Agreement with JP Affordable Housing Holding Company, Inc. (JP AH), Phase11, to construct and sell twenty-one (2 i) two-family dwellings for a total of forty-two units ofaffordable 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% of a tenant's anual family income; andWHEREAS, the homeowners listed on Exhibit "A" are the successors in interest to the AffordableHousing Agreement with JP AH dated October 1992; andWHEREAS, the curent restrctions 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 annually; andWHEREAS, to accomplish this purpose 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 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.~R~FORMCertification Required 0Corporation CounselNot Required o APPROVED 9 - 0RECORD OF COUNCIL VOTE ON FINAL PASSAGE 10/28/09COUNCILPERSON AYE NAY N.V. COUNCILPERSON AYE NAY N.V. COUNCILPERSON AYE NAY N.V.DAUUi-IIV FULOP / FLOOD /LOPEZ / RICHARDSON !í VEGA, i/N.V.-Not Voting (Abstain)SOTTOLANO ./ GAUGHAN .; BRENNAN /~oteQt a meetinl1 the uni 'pal Council of the City of Jersey Cit, N.J.Peter M. Brennan. President of CouncilClerk