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 HOME Affordable Housing Agreement with TMA General Contracting LLC to develop and construct a new three-family home consisting of one (1) two-bedroom unit and two (2) three-bedroom units (3) HOME designated and subsidized units upon the property located at 43 Jacob Street (Block 303; Lot 1) (Central Ward) of the Tax Map of the City of Newark, County of Essex, State of New Jersey
Entity Name: TMA General Contracting LLC
Entity Address: 17 Academy Street, Suite 301, Newark, New Jersey 07102
Grant Amount: $85,000.00
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)
43 Jacob Street (Block 303; Lot 1) (Central Ward) of the Tax Map of the City of Newark, County of Essex, State of New Jersey
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 TMA GENERAL CONTRACTING LLC (the "Entity"), having its principal place of business at 17 Academy Street, Suite 301, Newark, New Jersey 07102; 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 (the "HOME Program"); and
WHEREAS, the AHA i...
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