Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Affordable Housing Agreement for Federal HOME Loan
Purpose: To authorize the execution of an Affordable Housing Agreement to construct a new supportive housing development consisting of eleven (11) supportive housing rental units for chronically homeless individuals (11 HOME subsidized).
Entity Name: HBP Rain Foundation, a NJ Non-profit Corporation d/b/a Essex County LGBT RAIN Foundation
Entity Address: East Orange, New Jersey 07017
Grant Amount: $1,300,000.00
Funding Source: Federal HOME Funds
Contract Period: HOME 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)
25-27 Roseville Avenue/Block 1873/Lot 1/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 HBP RAIN FOUNDATION A NJ NONPROFIT CORPORATION d/b/a ESSEX COUNTY LGBT RAIN FOUNDATION (the "Entity"), 168 Park Street, East Orange, New Jersey 07017; and
WHEREAS, the City desires to provide the Entity with Federal HOME Program Funds in the form of a deferred zero percent (0%) interest bearing loan for a period of twenty (20) years pursuant to the Federal HOME Loan Program (24 C.F.R. part 92) and any amendments thereto; and
WHEREAS, the AHA is for the amount of One Million Three Hundred Thousand Dollars and Zero Cents ($1,300,000.00) in Federal HOME Program Funds for the Project to be located at 25-27 Roseville Avenue (Block 1873, Lot 1) (West Ward), Newark, County of Essex, State of New Jersey (the "Pr...
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