Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Subordination Agreement
Purpose: To subordinate the City's Affordable Housing Mortgage for property conveyed by City to a non-profit, which is subject to certain conditions.
Entity Name: United Community Village Urban Renewal Housing, L.P.
Entity Address: 332 S. 8th Street, Newark, New Jersey 07103
Lender's Name: Velocity Commercial Capital, LLC
Lender's Address: P.O. Box 7089, Westlake Village, California 91956
Contract Period: Mortgage in effect from May 27, 1998 through May 27, 2028
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient ( X ) n/a
List of Property: (If applicable)
(Address/Block/Lot/Ward)
434-442 15th Avenue/ Block 279/Lot 22.01/ Central Ward
328-334 S. 7th Street/ Block 279/Lot 22.02/ Central Ward
299-301, 303 S. 7th Street/ Block 280/Lot 1.01/ Central Ward
307-321 S. 7th Street/ Block 280/Lot 1.06/ Central Ward
332-340 S. 8th Street/ Block 280/Lot 1.02/ Central Ward
342-354 S. 8th Street/ Block 280/Lot 1.03/ Central Ward
356-366 S. 8th Street/ Block 280/Lot 1.04/ Central Ward
368-374 S. 8th Street/ Block 280/Lot 1.05/ Central Ward
Additional Information:
Resolution 7R-x adopted on January 21, 1998 by the Municipal Council authorized the Affordable Housing Agreement.
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WHEREAS, on January 21, 1998, the Municipal Council adopted Resolution 7R-x authorizing the execution of an Affordable Housing Agreement and a Multi-Family Rental Mortgage Note (the "Note") dated May 27, 1998 between the City of Newark and United Community Village Urban Renewal Housing, L.P ("United Community") with Federal Home Funds subsidy pursuant to the Home Investment Partnership Program (HOME) enacted under Title II of the Cranston-...
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