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 a Deed Restrictive HOME Affordable Housing Agreement with Jarid Jamar Construction Company, Inc., for construction of two (2) new three-family homes for a total of six (6) housing units (collectively, the "Project"), four (4) of which such units shall be designated as HOME Assisted Units and subsidized by the City upon the real properties located at 147 South 10th Street (West Ward) and 149-151 South 10th Street (West Ward) of the Tax Map of the City of Newark, County of Essex, State of New Jersey 07107 (Block 1826; Lots 20 and 22, respectively) (collectively, the "Property")
Entity Name: Jarid Jamar Construction Company, Inc.
Entity Address: 9 Weber Road, West Orange, New Jersey 07052
Grant Amount: $440,000.00
Funding Source: Federal HOME Program Funds
Contract Period: HOME 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)
147 South 10th Street (West Ward) and 149-151 South 10th Street (West Ward) of the Tax Map of the City of Newark, County of Essex, State of New Jersey 07107 (Block 1826; Lots 20 and 22, respectively)
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 Jarid Jamar Construction Company, Inc. (the "Entity"), 9 Weber Road, West Orange, New Jersey 07052, subject to the express condition that the Entity purchases and acquires fee simple title to the Propert...
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