HomeMy Public PortalAboutr 11-045Nn . 11 -45 Date of Adoption March 3. 2011
RESOLUTION IN SUPPORT OF RCA PROJECT AGREEbIENT
WHEREAS, Carteret Housing & Development Corporation (CHADCO) (hereinafter
referred to as the "Sponsor ") proposes to rehabilitate four (4) two bedroom Veterans'
affordable rental unit housing project (hereinafter referred to as the "project ") pursuant to
the provisions of the New Jersey Housing and Mortgage Finance Agency Law of 1933,
as amended ( N.J.S.A. 55:14K -I et seq.), the rules promulgated thereunder at N.J.A.C.
5:30 -1.1 et sM., and all applicable guidelines promulgated thereunder (the foregoing
hereinafter collectively referred to as the "HbIFA Requirements ") within the Borough of
Carteret (hereinafter referred to as the "Municipality ") on a site described as Lot 2, Block
206 as shown on the Official Assessment Map of the Borough of Carteret, Middlesex
County and commonly known as 22 -24 Washington Avenue, Carteret, New Jersey; and
WHEREAS, the Project will be subject to the ILMFA Requirements and the mortgage
and other loan documents executed between the Sponsor and the New Jersey Housing
and btortgage Finance Agency (hereinafter referred to as the `Agency "); and
WHEREAS, the Project will be subject to requirements of the New Jersey Department of
Community Affairs (hereinafter referred to as the "Department of Community Affairs "),
Neighborhood Preservation Balanced Housing Program in accordance with N.J.S.A.
52:2713-320 and applicable rules promulgated thereunder at N.J.A.C. 5:43 -1.1 et s�M(., and
the mortgage and other loan documents executed between the Sponsor and the
Commissioner of the Department of Community Affairs; and
WHEREAS, pursuant to the HNIFA Requirements, the governing body of the
Municipality hereby determines that there is a need for this (rousing project in the
Municipality.
NOW, THEREFORE, BE IT RESOLVED by the Mayor and Council of the Borough,
of Carteret (the "Council ") that:
I. The Mayor and Council find and determine that the four (4) affordable
Veterans' rental unit 22 -24 Washington Avenue Project proposed by the
Sponsor meets or will meet an existing housing need.
2. The Mayor and Council find and determine that the 22 -24 Washington
Avenue Project proposed by the Sponsor meets or will meet all or part of
the municipality's low and moderate income housing obligation.
3. The Mayor and Council do hereby adopt the within Resolution and make
the determination and findings herein contained by virtue of, pursuant to,
and in conformity with the provisions of the HNIFA Law to enable the
Agency to process the Sponsor's application for Agency funding to
finance the Project.
Adopted this 3LT1 day of �btxh, 2011
arch certified as a true copy of the
origiml on 11treh 4, 2011.
RECORD OF COUNCIL VOTEt"u[RciPaL lderK
COUNCILMAN
YES
NO
,NN
A.B.
COUNCILMAN
YES
CO
NY
A.B.
RF7I Ti
X
X
_ DDZ
X
NAH M
X
DD AS
X
SYDRZ
X
X - Indicate Vote Aa - Absent NV -Not Vauug
XOR- Indicates Vote to Overrule Veto
Adopted at a tneeting of the Municipal Council
CLERK
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