Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Execute a Deed Restrictive Affordable Housing Agreement for HOME ARP Funds
Purpose: To authorize the execution of a Deed Restrictive HOME ARP Affordable Housing Agreement with Domus Corporation, for the construction of a new 4-story residential affordable housing building that will consist of twenty five (25) affordable residential rental units (the "Project"), with eleven (11) of such units to be subsidized by the City and designated as HOME ARP Program Units to serve households who are homeless, indigent or at risk of being homeless (as defined in 24 C.F.R. ?91.5 as part of the HOME-ARP Program) having annual incomes of 30% or less of Area Median Income ("AMI") as determined using the standards set by the Department of Housing and Urban Development ("HUD") for the HOME ARP Program upon real property located at 102 - 108 Third Avenue (Central Ward) of the Tax Map of the City of Newark, County of Essex, State of New Jersey (Block 526, Lot 10) (Central Ward).
Entity Name: Domus Corporation
Entity Address: 590 North 7th Street, Newark, New Jersey 07107
Grant Amount: $1,489,400.00
Funding Source: Federal HOME ARP Program Funds
Contract Period: HOME ARP 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)
102 - 108 Third Avenue (Central Ward) of the Tax Map of the City of Newark, County of Essex, State of New Jersey (Block 526, Lot 10) (Central Ward).
Additional Information:
body
WHEREAS, the City is a participating jurisdiction with the United States Department of Housing and Urban...
Click here for full text