HomeMy Public PortalAboutr 10-251.01 0-ZJ�
Date of Adopliong2 a, 2010
BOROUGII OF CARTERET AWARD OF FUNDING TO
THE CARTERET HOUSING DEVELOPMENT CORPORATION (CHAICO)
A 501 C3 NONPROFIT CORPORATION
WHEREAS, the bfayor and Borough Council of the Borough of Carteret wishes to
promote the establislunent of affordable Veterans' and Senior Housing; and
WHEREAS, the Carteret Housing Development Corporation CHADCO, is requesting
the adoption of a resolution authorizing CHADCO to utilize available RCA housing
rehabilitation project funding, which hill supplement the Middlesex County Federal
HOME Investment partnership (HOME) funds awarded to CHADCO in the amount of
S352,000.00; and
WHEREAS, Carteret's RCA housing rehabilitation fund will help defray the cost of
rehabilitation for 4 units of affordable rental housing for law /moderate income veterans at
the property located at 22 -24 Washington Avenue in Carteret, to be knmvn as the Carteret
Veterans' Apartments; and
WHEREAS, the Borough of Carteret and Carteret Housing Development Corporation
CHADCO wishes to complete this affordable veteran rental housing rehabilitation
project, which will serve to be a catalyst to the expansion of veterans' affordable housing
opportunities; and
WHEREAS, the Borough of Carteret and the Carteret Housing Development
Corporation CHADCO has reviewed the proposed purposes and support the creation of
affordable veterans' rental housing; and
IVIIEREAS, this request to utilize preexisting and uncommitted RCA housing
rehabilitation project Ending in the amount of 5350,000.00 (three hundred fifty thousand
dollars) as a float loan to be paid back by CHADCO upon receipt of Middlesex County
Federal HOME Investment Partnership (HOME) Funds; and
WHEREAS, pursuant to Middlesex County Federal HOME Investment Partnership
(HOME) reimbursement procedures, Carteret's RCA housing rehabilitation project funds
will be reimbursed by Carteret Housing Development Corporation CHADCO, the
governing body must adopt a resolution approving the project and authorizing the
utilization and reimbursement of housing rehabilitation funding;
NOW, THEREFORE, BE IT RESOLVED that the Mayor and Council of the Borough
of Carteret hereby authorizes and directs the utilization of Carteret RCA housing
rehabilitation project funds and the reimbursement of those funds by CHADCO in the
amount of S350,000.00 forthe specific use of the project:
CHADCO Veter Its' Housing Project funded by
Middlesex Comrtv Feder al HO➢IE brceshaent Par finership (HONE) Award
BE IT FURTHER RESOLVED that the Borough Clerk shall forward eight (S) certified
copies of the resolution to Carteret Housing Development Corporation CHADCO Board.
Adopted this 21 day of October, 2010
and certified as a true copy of the
original an October 22, 2010.
KATHLEEN M. BARNEY, hIMC
Municipal Clerk
RECORD OF COUNCIL VOTE
COUNCILMAN
YES
NO
NV
A.B.
COUNCILMAN
- YES
NO
NV
A.B.
BELLINO
KRUM
DIAZ
NAPLES
DIHASCIO
SITARZ
X
X - Indicate Vole AB - Absent NV -Nor Voting
NOR - Indicates Vote to Overrule Veto
Adopted at a meeting of the Municipal Council
i
i t
tober u 2010
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