Title
Dept./Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Grant Agreement
Purpose: To provide gap financing for the construction of a three-family residential dwelling consisting of three (3) deed-restricted affordable housing units pursuant to the City of Newark Affordable Housing Trust Fund
Entity Name: 229 South 11th LLC
Entity Address: 59 Lincoln Park, Suite 375, Newark, New Jersey 07107
Grant Amount: $300,000.00
Funding Source: City of Newark Affordable Housing Trust Fund
Total Project Cost: $1,012,828.43
City Contribution: $300,000.00
Other Funding Source/Amount: Personal Equity; New Jersey Community Capital
Grant Period: Commencing upon the Effective Date, as defined in the Grant Agreement, and expiring upon the sale and transfer of the Project and Home to the Purchaser and the funding of the Grant Funds
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)
229 South 11th Street, Block 1815, Lot 11 (West Ward)
Additional Information:
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WHEREAS, pursuant to Resolution 7RM May 4, 2005 adopted June 15, 2005, the Municipal Council designated the entire City of Newark as an "Area in Need of Rehabilitation" under the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1 et seq.; and
WHEREAS, the Property is located in the West Ward Redevelopment Plan area; and
WHEREAS, 229 SOUTH 11TH LLC (the "Redeveloper") has developed and substantially completed construction of one (1) new three-family residential dwelling located at 229 South 11th Street, Block 1815, Lot 11 (West Ward)(the "Project"); and
WHEREAS, the Project consists of three (3) three-bedroom residential housing units, all of which shall be deed-rest...
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