Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Execute an Affordable Housing Agreement for HOME funds.
Purpose: To authorize the execution of a Deed Restrictive HOME Affordable Housing Agreement with Ascension Capital Partners I LLC, for the construction of a new residential affordable housing building that will consist of sixteen (16) residential rental units (the "Project") upon real property located at 41-47 Astor Street (East Ward) of the Tax Map of the City of Newark, County of Essex, State of New Jersey 07114 (Block 2812, Lots 22, 23 and 24) (the "Property)
Entity Name: Ascension Capital Partners I LLC
Entity Address: 59 Lincoln Park, Suite 200, Newark, New Jersey 07102
Grant Amount: $625,000.00
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)
41-47 Astor Street (East Ward) of the Tax Map of the City of Newark, County of Essex, State of New Jersey 07114 (Block 2812, Lots 22, 23 and 24)
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 Ascension Capital Partners I LLC (the "Entity"), 59 Lincoln Park, Suite 200, Newark, New Jersey 07102, subject to the express condition that the Entity purchases and acquires fee simple title to the Property, which shall be defined as having complete and permanent ownership of the land, as well as any buildings on that land through a deed recorded with the Essex County Registrar's Office; and
WHEREAS, the...
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