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No. 15 -260 Date of Adopti,Vr -^-T 29 ) 20 15
APPROVING AND AUTHORIZING
AFFORDABLE HOUSING AGREEMENT
WHEREAS, the Borough of Carteret desires to provide additional affordable housing
opportunities with available Regional Contribution Agreement (RCA funding; and
WHEREAS, Franks Rain has proposed to provide thirteen (13) units of affordable
housing to be constructed at 570 -572 Roosevelt Avenue, 324 -326 Pershing Avenue, and
331 Pershing Avenue; and
WHEREAS, the Borough is willing to contribute $440,000.00 in RCA funding to equally
fund the thirteen (13) units of affordable housing units; and
WHEREAS, the Mayor and Council of the Borough of Carteret wish to enter into an
agreement with Frank Rain for the provision of the additional affordable housing and the
purpose of administering and enforcing the affordability controls and the Affirmative
Marketing Plan . previously adopted by the Borough of Carteret, in accordance with the
regulations of the Council on Affordable Housing pursuant to N.J.A.C. 5:94 et. M.. and
the New Jersey Uniform Housing Affordability Controls pursuant to N.J.A.C. 5:80 -26 et.
sue; and
WHEREAS, the Borough desires to designate Frank Rain as the Administrative Agent
for the above described units.
NOW, THEREFORE BE IT RESOLVED, by the Borough of Carteret as follows
1. The Borough hereby agrees to contribute $440,000 in RCA funding in RCA
funding to equally fund the thirteen (13) units of affordable housing units to
be constructed at 570 -572 Roosevelt Avenue, 324 -326 Pershing Avenue, and
331 Pershing Avenue, in accordance with the project plan submitted by Raia.
2. The Borough's Law Director is hereby authorized and directed to execute an
Agreement with Raia for the provision of such funding for the purposes of
aiding in the construction of the above described affordable housing units, all
in a form acceptable to the Law D and the appropriate Borough
officials and/or departments are hereby directed to implement the same.
3. The Borough hereby designates Frank Rain as the Administrative Agent for
all of the said units pursuant to the provisions of the Affirmative Marketing
Plan previous adopted by the Borough.
Adopted this 29" day of December, 2015
and certified as a true copyof the original
on December 30", 2015.
KATHLEEN M. BARNEY, MMC
Municipal Clerk
RECORD OF COUNCIL VOTE
M-LW I X I I 1 11 M, X
DIAZ I I I I X t oEs X
DI P41TM I X I I I S1TAR7 I I X
I X - Indicate Vote AB - Absent NV - Not Voting XOR - Indicates Vote to 0,come Veto
Adopted at a meeting of the Municipal Council / �Dacefbar 29. 2015