Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Affordable Housing Agreement to provide HOME And Affordable Housing Trust Program funds to Downtown Partners Urban Renewal Associates, LP.
Purpose: Funds are provided to subsidize the construction and project related costs of five (5) units within the eighty-seven (87) unit five story, mixed-use, mixed-income, multi-family rental project. Five (5) of the eighty-eight (87) residential units are designated as permanent supportive housing for former homeless individuals and/or households with special needs.
Entity Name: Downtown Partners Urban Renewal Associates, LP.
Entity Address: 77 Park Street, Montclair, New Jersey 07042
Grant Amount: $1,334,366.00
Funding Source: HUD, HOME Funding/Affordable Housing Trust Fund
Contract Period: Four (4) years from the date of execution of the Agreement.
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)
999-1005 Broad Street/Block 111, Lot 70.02
Additional Information:
999 Broad Street Phase I Project
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WHEREAS, through Resolution 7R3-A, adopted on February 20, 2013, the Newark Municipal Council authorized the Mayor and the Deputy Mayor/Director of Economic and Housing Development to enter into an Affordable Housing Agreement (the "Agreement") with Downtown Partners Urban Renewal Associates, LP, a New Jersey limited partnership (the "Entity"), having its principal place of business at 77 Park Street, Montclair, New Jersey 07042, for federal HOME funds in the amount of One Million Fifty Seven Thousand Six Hundred Fifty Two Dollars ($1,057,652.00) for project related and construction costs for the new construction of...
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