West Orange Fourth Round HEFSP_adopted 111025_Appendices

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