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

..City Clerk File No.Res. 09-875Agenda No. 10.0Approved:OCT 2 8 2009TITLE:RESOLUTION AUTHORIZING AN AMENDMENT TO AN AFFORDABLEHOUSING AGREEMENT WITH THE DEVELOPERJP AFFORDABLE HOUSINGHOLDING COMPAN, INC., (pHASE II), TO ENABLE THE OWNERS OF TWOFAMILY HOMES TO CHARGE A FIXD BASE RENTRA THER THA A RENTBASED ON THE TENANT'S INCOMEWHEREAS, on or about Januar 15, 1993, the City of Jersey City (City) entered into a twenty (20)year Affordable Housing Agreement with JP Affordable Housing Holding Company, Inc. (JPAH),Phase II, to construct and sell eighteen (18) two-family dwellings for a total ofthirt-six units ofaffordable housing at the addresses listed on Exhibit "A" attached hereto; and .WHEREAS, 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 JPAH dated January 15, 1993; 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 necessar to amend Section II(B)(I)(b) of theAffordable Housing Agreement to establish a new base rent that wil allow for anual incrementsbased on the Home Program Rent Limits published in the Federal Register.NOW, THERE¡"ORE BE IT RESOLVED, by the Municipal Council ofthac:the City of Jersey City1. Section Il(B)(I)(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 recertifyngtenants.RRlcw=: ?APPROVED AS TO I EG:EORM.JCorporation CounselCertification Required 0Not Required 0 APPROVED 9-0RECORO OF COUNCIL VOTE ON FINAL PASSAGE 10128/09COUNCILPERSON AYE NAY NV COUNCILPERSON AYE NAY N.V. COUNCILPERSON AYE NAY N.V.SOnOLANO ¡- GAUGHAN I BRENNAN /DONNHIV /.FULOP " FLOOD .lLOPEZ v' RICHARDSON II VEGA, . ,/,l Indicates Votee?~meeJ;0fPeter M. Brennan.nicipal Council of the City of Jersey City, N.J.President of CouncilN.V.-Not Voting (Abstain)