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 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-two (72) 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
Funding Source: Federal HOME Program Funds
Contract Period: From the date of adoption by the Municipal Council through December 31, 2051
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:
HOME Program Funds must be expended within forty-eight (48) months from the date of adoption by the Municipal Council.
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 The Lantana Urban Renewal, L.P. (the "Entity"), having its principal place of business at 77 Park Street Montclair, New Jersey 07042; and
WHEREAS, the City desires to provide the Entity with Federal HOME Program Funds in the form of a deferred one percent (1%) compounding interest bearing loan for a pe...
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