Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Execute Affordable Housing Agreement for HOME Funds
Purpose: To authorize the execution of an Affordable Housing Agreement to West Market Owners, LLC for the construction of a mixed residential-commercial project that will consists of seventy-eight (78) rental units with a total of six (6) HOME subsidized units upon property located at 4-22 Littleton Avenue.
Entity Name: West Market Owners, LLC
Entity Address: 1865 Palmer Avenue, Suite 203, Larchmont, New York, New York, 10538
Grant Amount: $300,000.00
Funding Source: Federal HOME Program Funds
Total Project Cost: $42,423,516.00
Contract Period: 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)
4-22 Littleton Avenue/Block 1808/Lot 1.02 (West Ward)
Additional Information:
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 West Market Owners, LLC (the "Entity"), 1865 Palmer Avenue, Suite 203, Larchmont, New York 10538; and
WHEREAS, the City desires to provide the Entity with Federal HOME Program Funds in the form of a non-interest bearing deferred payment loan for a period of thirty-five (35) years pursuant to the Federal HOME Loan Program (24 CFR part 92) and any amendments thereto; and
WHEREAS, the AHA is for the amount of Three Hundred Thousand Dollars and Zero Cents ($300,000.00), in Federal HOME Program Funds for the project to be located at 4-22 Littleton Avenue, Newark, New Jersey 07107, Block 1808, L...
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