Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: (1)Execute Affordable Housing Agreement for HOME funds and (2) Execute Grant Agreement for Community and Economic Development Dedicated Trust Fund
Purpose: To authorize the execution of an Affordable Housing Agreement and Grant Agreement to The Lantana Urban Renewal, L. P. for the construction of The Lantana Project consisting of a five-story building at 109-119 Broad Street and the rehabilitation of an existing structure at 130 North 11th Street. The Project will include seventy-six (76) residential units, eight (8) of which shall be HOME affordable housing units, on-site parking spaces, laundry facilities and a community room.
Entity Name: The Lantana Urban Renewal, L.P.
Entity Address: 77 Park Street, Montclair, New Jersey 07042
Grant Amount: $568,000.00 in Federal HOME Program Funds and $182,000.00 from the City of Newark Community and Economic Development Dedicated Trust Fund totaling $750,000.00
Funding Source: Federal HOME and Community and Economic Development Dedicated Trust Fund
Contract Period: Date of adoption by the Municipal Council through December 31, 2047. 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)
109-119 Broad Street/Block 523/Lots 1, 3, 4, 5, 51, 54, 59, and 60/(Central Ward)
130 North 11th Street/Block1926/Lot 1.02/(Central Ward)
Additional Information:
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WHEREAS, the City of Newark, New Jersey (the "City"), desires to enter into and execute a Deed Restrictive Affordable Housing Agreement (the "AHA") with The Lantana Urban Renewal, L.P. (...
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