TITLE
ORDER OF THE BOARD OF ALDERS OF THE CITY OF NEW HAVEN APPROVING THE EXECUTION OF A TAX ABATEMENT AGREEMENT BETWEEN THE CITY OF NEW HAVEN AND RMS 49 PRINCE STREET LLC FOR PROPERTY LOCATED AT 49 PRINCE STREET TO BE USED AS AFFORDABLE HOUSING IN ACCORDANCE WITH CONN. GEN. STAT SEC. 8-215, CITY OF NEW HAVEN CHARTER, TITLE 1, ARTICLE IV, SECTION 6, AND THE CITY OF NEW HAVEN CODE OF GENERAL ORDINANCES, SECTION 28-4
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WHEREAS, RMS 49 Prince Street LLC (the "Applicant") is the owner of property known as 49 Prince Street (the "Property") upon which a building that is known as the former Welch Annex School is located (the "Building"); and
WHEREAS, the Applicant intends to renovate the Property and the Building into 30 affordable housing units and related amenities (the "Project"); and
WHEREAS, the Project will be assisted by 4% Low Income Housing Tax Credits, Community Development Block Grant funds from the City of New Haven (the "City") in the amount of $500,000, and loans from the Connecticut Housing Finance Authority and the State of Connecticut Department of Housing; and
WHEREAS, in connection with such governmental assistance, restrictions have been placed on the New Haven Land Records limiting occupancy of the residential units to be constructed in the Building to households whose incomes do not exceed 25%, 50% and 60% of the Area Median Income for New Haven, determined by the United States Department of Housing and Urban Development ("HUD"), as restrictions are more particularly described in such restrictions for a minimum of 42 years; and
WHEREAS, the Applicant has applied for a tax abatement for all of the units for 17 Grand List years in the amount of $749.10 per unit plus a 3% annual increase after the first year of the tax abatement as well as a freeze on the assessment for the Property during the first two years of construction under the City of New Haven's program for Tax Abatement for Low Income Multi-Family Developments (the "Application"); ...
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