Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Affordable Housing Agreement Loan
Purpose: Amending the Note, Mortgage, Loan Agreement, Guaranty and Subordination Agreement between New Horizons Phase I Urban Renewal Associates, L.P. and the Newark Housing Authority by entering into an Omnibus Amendment Agreement to increase the Parties' prior loan amount from $8,798,296.00 to $9,185,386.30.
Entity Name: New Horizons Phase I Urban Renewal Associates, L.P.
Entity Address: 3 East Stow Road, Suite 100, P.O. Box 994, Marlton, New Jersey 08053
Grant Amount: $0.00
Funding Source: N/A
Contract Period: Date of adoption to remain in effect for the period of affordability of fifty (50) years and 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 ( ) Grant ( ) Sub-recipient ( ) n/a
List of Property:
(Address/Block/Lot/Ward)
220-280 Irvine Turner Boulevard/Block 2580.1, Lot 2.04/Central Ward
Additional Information:
Resolution 7R3-h(as) adopted on May 22, 2013
Resolution 7R2-e(as) adopted on May 1, 2017 established a Deed Restrictive Affordable Housing Agreement between New Horizons Phase I Urban Renewal Associates, L.P.
body
WHEREAS, the Municipal Council of the City of Newark, New Jersey (the "City"), approved a Deed Restrictive Affordable Housing Agreement (the "Agreement") by Resolution 7R2-e(AS) on May 1, 2017 with New Horizons Phase I Urban Renewal Associates, L.P. (the "Entity"), 3 East Stow Road, Suite 100, P.O. Box 994, Marlton, New Jersey 08053, which was executed on March 23, 2019; and
WHEREAS, the Entity and the Newark Housing Authority ("NHA"), 500 Broad Street, Newark, New Jersey 07102, entered into Note, Mort...
Click here for full text