West Orange Fourth Round HEFSP_adopted 111025_Appendices

APPENDIX E Township of West Orange Resolution #67-25 – Approving the Department of Community Affairs Calculation of Regional Need for Affordable Housing for Fourth Round Obligation

67-25 January 28, 2025 A RESOLUTION APPROVING THE DEPARTMENT OF COMMUNITY AFFAIRS CALCULATION OF REGIONAL NEED FOR AFFORDABLE HOUSING FOR FOURTH ROUND OBLIGATION WHEREAS, pursuant to N.J.S.A. 52:27D-301 et seq., the New Jersey Department of Community Affairs (“Department”) conducted a calculation of regional need and municipal present and prospective obligations in accordance with the formulas established in sections 6 and 7 of P.L. 2024, c.2; and WHEREAS, the Department calculated a statewide allocation consisting of a present need of 65,410 and a prospective need of 84,698 for a total of 150,108 affordable housing units; and WHEREAS, the Department calculated a present need of 409 affordable housing units and prospective need of 660 affordable housing units for West Orange Township, Essex County, State of New Jersey for the fourth round; and WHEREAS, West Orange Township’s third round obligation consisted of a present need of 305 affordable housing units and a prospective need (Third Round (1999-2025) Obligation, as adjusted through the settlement agreement) of 954 affordable housing units; and WHEREAS, on May 6, 2020 West Orange Township executed a settlement agreement regarding affordable housing in the matter docketed In re Township of West Orange, docket no, ESX-L-4697-15; and WHEREAS, the West Orange Township requested and received a vacant land adjustment resulting in a realistic development potential (RDP) of 421 affordable housing units and an unmet need of 533 affordable housing units; and WHEREAS, West Orange Township continues to lack sufficient resources to address the 660 prospective need and will continue to seek a vacant land adjustment; and WHEREAS, West Orange Township has reviewed the fourth round of affordable housing obligations, calculations in the report and calculations prepared by the Department; and

WHEREAS, West Orange Township accepts the present need of 409 and the prospective need of 660; and WHEREAS, the Department has given each municipality until January 1, 2025 to adopt binding municipal resolution accepting their prescribed obligation numbers, or alternatively describe why the numbers provided should be adjusted and what the adjusted number should be; and NOW THEREFORE BE IT RESOLVED that the Governing Body of West Orange Township, Essex County, State of New Jersey, hereby accepts the Department’s calculation consisting of a present need of 409 and the prospective need of 660 for its fourth-round obligation; and BE IT FURTHER RESOLVED that West Orange Township will rely on its previous court approved vacant land adjustment towards addressing the fourth-round prospective need of 660; and BE IT FURTHER RESOLVED that the Governing Body of West Orange Township pursuant to the provisions of N.J.S.A. 52:27D-301 et seg. submits this binding establishing a present need of 409 and the prospective need of 660 for its” fourth-round obligation. BE IT FURTHER RESOLVED, that a copy of this Resolution shall be made available in the Clerk’s office in accordance with applicable law. yO \- LAA ( Kar d-€arhey, le, R.M.C, Joe Krakoviak, Council President ‘——Miinicipal Cle Adopted: January 28, 2025 4823-5394-8118, v. 1

APPENDIX F Prism Redevelopment Documentation

RESOLUTION AUTHORIZING A FINANCIAL AGREEMENT WITH GP ASHLAND HOUSING, LLC PURSUANT TO THE HMFA LAW WHEREAS, Ashland Housing, LLC (hereinafter referred to as the “Sponsor”) proposes to construct a housing project that will provide 44 units of affordable family rental housing (hereinafter referred to as the “Project”) pursuant to the provisions of the New Jersey Housing and Mortgage Finance Agency Law of 1983, as amended (N.J.S.A. 55:14K-1 et seq.), the rules promulgated thereunder at N.J.A.C. 5:80-1.1 et seq. and all applicable guidelines promulgated thereunder (the foregoing hereinafter collectively referred to as the “HMFA Requirements”) within the Township of West Orange (hereinafter referred to as the “Township”) on a site described as Block 64, Lots 3, 21, 22, 25 and 27, as shown on the Official Assessment Map of the Township of West Orange, Essex County and commonly known as 2840, and 42 Ashland Avenue and 64 Park Avenue; and WHEREAS, the Project will be subject to the HMFA Requirements and the mortgage and other loan documents to be executed between the Sponsor and the New Jersey Housing and Mortgage Finance Agency (hereinafter referred to as the “Agency”); and WHEREAS, in accordance with the HMFA Requirements, the Municipality hereby determines that there is a need for this rental housing project in the Township; and WHEREAS, in furtherance of the Project, the Township wishes to authorize the execution of a financial agreement with the Sponsor, a proposed form of which is attached hereto as Exhibit A (the “Financial Agreement”), NOW, THEREFORE, BE IT RESOLVED BY THE TOWNSHIP COUNCIL OF THE TOWNSHIP OF WEST ORANGE IN THE COUNTY OF ESSEX as follows: I. GENERAL The aforementioned recitals are incorporated herein as though fully set forth at length. II. FINANCIAL AGREEMENT APPROVED A. The Township hereby determines that the proposed family rental project will meet or meets an existing housing need. B. The Township does hereby adopt this Resolution and makes the determination and finding herein contained by virtue of, pursuant to, and in conformity with the provisions of the HMFA Requirements with the intent and purpose that the Agency shall rely thereon in making a mortgage loan to the Sponsor, which shall construct, own and operate the Project. C. The Township does hereby adopt this Resolution with the further intent and purpose that from the date of

n making a mortgage loan to the Sponsor, which shall construct, own and operate the Project. C. The Township does hereby adopt this Resolution with the further intent and purpose that from the date of execution of the Agency mortgage, the proposed Project will be exempt from real property taxation as provided in the HMFA Requirements, provided that payments in lieu of taxes for municipal services supplied to the Project

are made to the Township in such amounts and manner set forth in the Financial Agreement attached hereto as Exhibit A. D. The Mayor is hereby authorized and directed to execute, on behalf of the Township, the Financial Agreement in substantially the form annexed hereto as Exhibit A. III. SEVERABILITY If any part of this Resolution shall be deemed invalid, such parts shall be severed and the invalidity thereby shall not affect the remaining parts of this Resolution. IV. AVAILABILITY OF THE RESOLUTION A copy of this Resolution shall be available for public inspection at the offices of the Township. V. EFFECTIVE DATE This Resolution shall take effect upon final passage. I HEREBY CERTIFY the foregoing to be a true copy of a resolution adopted by the West Orange Township Council, in the County of Essex, at its meeting held on ________________. __________________________________________ Karen J. Carnevale, Township Clerk

EXHIBIT A FORM OF FINANCIAL AGREEMENT

8/3/17 Financial Agreement By and Between The Township of West Orange and GP Ashland Housing, L.L.C. 1

8/3/17 FINANCIAL AGREEMENT THIS FINANCIAL AGREEMENT (hereinafter “Agreement” or “Financial Agreement”), made this ________ day of ________, 2017, by and between GP Ashland Housing, L.L.C. (the “Entity”), a limited liability company of the State of New Jersey, as a housing sponsor under the New Jersey Housing and Mortgage Finance Agency Law of 1983, N.J.S.A. 55:14K-1 et seq. (the “HMFA Law”), with offices at c/o Prism Green Associates IV, LLC, 200 Broadacres Drive, Suite 180, Bloomfield, New Jersey 07003, along with its permitted successors and/or assigns, and THE TOWNSHIP OF WEST ORANGE, a municipal corporation in the County of Essex and the State of New Jersey (the “Township”, and together with the Entity, the “Parties”). W I T N E S S E T H: WHEREAS, the Entity has applied for a tax exemption pursuant to the HMFA Law in connection with the construction of forty-four (44) affordable family rental housing units (the “Affordable Units”) and all related improvements and located on real property identified on the Township’s tax map as Block 64, Lots 3, 21, 22, 25 and 27 (collectively, the “Project”) in accordance with that certain Amended and Restated Redevelopment Agreement by and between the Township and Prism Green Associates IV, LLC (“Prism”) dated as [___________], 2017 (the “Redevelopment Agreement”); and WHEREAS, the Township has adopted a resolution approving a tax exemption for the Project and authorizing this Financial Agreement and wishes to enter into this Financial Agreement in order to memorialize the terms and conditions applicable to this tax exemption, NOW, THEREFORE, in consideration of the mutual covenants herein contained and for other good and valuable consideration, the legal sufficiency of which is hereby acknowledged by the Parties, it is mutually covenanted and agreed as follows: ARTICLE I GENERAL PROVISIONS 1.01 Governing Law. This Financial Agreement shall be governed by the provisions of (a) the HMFA Law, (b) the resolution authorizing this Financial Agreement, and (c) all other relevant Federal, State or Township statutes, ordinances, resolutions, rules and/or regulations. It is expressly understood and agreed that the Township expressly relies upon the facts, data, and representations contained within the Entity’s tax exemption Application attached hereto in granting this tax exemption. 1.02 General Definitions. Unless specifically