Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Affordable Housing Agreement for HOME Funds
Purpose: To authorize the execution of a Deed Restrictive HOME Affordable Housing Agreement.
Entity Name: E. Gill Development, LLC
Entity Address: 2 Center Street, 2103, Newark, New Jersey 07102
Grant Amount: $375,000.00
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)
63 South 12th Street/Block 1867, Lot 25/West Ward
Additional Information:
To construct a new residential affordable housing building that will consist of (3) three-bedroom residential rental units as HOME Assisted Units to be occupied by households and families who have annual incomes of 30% or less of Area Median Income (AMI) for property located at 63 South 12th Street (West Ward).
body
WHEREAS, the City of Newark, New Jersey (the "City"), desires to enter into and execute a Deed Restrictive Affordable Housing Agreement (the "AHA") with E. Gill Development LLC (the "Entity"), having its principal place of business at 2 Center Street, 2103, Newark, New Jersey 07102, 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 on that land through a deed recorded with the Essex County Registrar's Office; and
WHEREAS, the City desires to provide the Entity with Federal HOME Program Funds ("HOME Funds") in the form of a deferred zero percent (0%) interest bearing loan for a period of twen...
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