Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Affordable Housing Agreement
Purpose: To grant financial assistance for a project consisting of five (5) three-family homes and three (3) two-family homes located within the West Ward Redevelopment Plan.
Entity Name: Urban League of Essex County
Entity Address: 508 Central Avenue, Newark, New Jersey 07107
Grant Amount: $500,000.00
Funding Source: Federal HOME Funds
Contract Period: The term of the Agreement shall be for a period of two (2) years from the date of adoption of this authorizing resolution by the Newark Municipal Council
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)
231 Fairmont Avenue, 479 S. 14th Street, 224 Fairmount Avenue, 228 Fairmount Avenue, 227-229 Fairmount Avenue, 219-221 Fairmount Avenue and 217 Fairmount Avenue, Newark, New Jersey and identified on the official tax map of the City as Block 263, Lot 63, Block 329, Lot 21, Block 262, Lot 3, Block 262, Lot 1, Block 263, Lot 61, Block 263, Lot 58, and Block 263, Lot 69, respectively.
Additional Information:
body
WHEREAS, the City of Newark, New Jersey (the "City"), desires to enter into an Affordable Housing Agreement (the "Agreement") with the Entity having its principal place of business at 508 Central Avenue, Newark, New Jersey 07107; and
WHEREAS, the City desires to provide the Entity with Federal HOME program funds in the form of a deferred loan for a period of thirty (30) years pursuant to the HOME Program (24 CFR Part 92) and any amendments thereto; and
WHEREAS, the Agreement is for the amount of Five Hundred Thousand Dollars and Zero Cents ($500,000.00) in Federa...
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