Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Execute and Approve a Modified Affordable Housing Agreement, Note and Mortgage for HOME Funds
Purpose: To authorize the execution and approval of a modified Affordable Housing Agreement with Southside View, LLC to construct a new multi-family residential and affordable housing development consisting of forty (40) affordable housing rental units (7 HOME subsidized by the City), upon property located at 654-668 South 11th Street (Block 2617, Lots 75, 74, 73, 72, 71, 70, 87, 69, 86, 88 and 85 (South Ward).
Entity Name: Southside View, LLC
Entity Address: 1212 Springfield Avenue, Irvington, New Jersey 07111
Grant Amount: $1,050,000.00
Funding Source: Federal HOME Program Funds
Contract Period: HOME Program Funds must be expended within forty-eight (48) months from the date of adoption
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale (X) Grant ( ) Sub-recipient ( ) n/a
List of Property:
(Address/Block/Lot/Ward)
654-668 South 11th Street (Block 2617, Lots 75, 74, 73, 72, 71, 70, 87, 69, 86, 88 and 85 (South Ward)
Additional Information:
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WHEREAS, by Resolution 7R2-i(AS), duly adopted on January 10, 2024 (the "Authorizing Resolution"), the Municipal Council (the "City"), approved and agreed to enter into and execute a Deed Restrictive Affordable Housing Agreement (the "AHA") with Southside View, LLC (the "Entity"), having its principal place of business at 1212 Springfield Avenue, Irvington, New Jersey 07111, subject to the express condition that the Entity purchases and acquires fee simple title to the Property, which shall be defined as having complete and permanent ownership of the land, as well as any buildings and other improvements on that land through a de...
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