Title
Dept/ Agency: Economic & Housing Development
Action: ( X ) Ratifying (X) Authorizing (X) Amending
Type of Service: Amendment to Affordable Housing Agreement
authorized by Resolution7R3-G 070115
Purpose: First Amended HOME Affordable Housing Agreement
Entity Name: Downtown Partners Urban Renewal Associates, L.P
Entity Address: 77 Park Street Montclair, New Jersey 07042
Grant Amount: $1,334,366.00
Funding Source: HUD,HOME Funding
Contract Period: Funds provided under the Agreement shall be for a period of two (2) years and not to exceed four years, from the date of adoption 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: (if applicable)
(Address/Block/Lot/Ward)
999-1005 Broad Street/Block 111/Lot 70.02/Central Ward
Additional Information:
Resolution 7R3-A 022013, Approved HOME Agreement for HOME funds in the amount of $1,057,652 (Rescinded by Resolution 7R3G 070115)
Resolution 7R3-A (S) 053013, Approved Thirty (30) Year Tax Abatement
Ordinance 6PHS&F F 062806
Resolution 7R3-G 070115, Approved HOME funds and Affordable Housing Trust Funds (Loan) in a total amount of $1,334,366.00
body
WHEREAS, pursuant to Resolution 7R3-G, on July 1, 2015 the Municipal Council authorized the Mayor and/or his designee, the Director of the Department of Economic and Housing Development, to enter into an affordable rental housing agreement with Downtown Partners Urban Renewal, LP in an amount of $679,548.00 in Home funds ("Home Agreement") and a loan agreement with Downtown Partners Urban Renewal, LP in the amount of $654,818.00 from the City's Affordable Housing Trust Fund, authorized by Resolution 7RG, adopted on November 6, 1985 and Section 10:24-11 of the Revised General ...
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