Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Affordable Housing Agreement for HOME Funds
Purpose: To authorize the execution of an Affordable Housing Agreement with Urban League of Essex County Opportunity Corporation to construct a new affordable housing project consisting of eight (8) two-family owner-occupied residential buildings for a total of sixteen (16) housing units of which eight (8) housing units shall be affordable and designated as deed-restricted affordable homeownership housing units offered for sale to qualified low-income single family households.
Entity Name: Urban League of Essex County Opportunity Corporation
Entity Address: 508 Central Avenue, Newark, New Jersey 07107
Grant Amount: $750,000.00
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)
147 Camden Street/Block 262/Lot35/West Ward
172-178 Fairmount Avenue/Block 262/Lots 26, 27, and 28/West Ward
208-210 Fairmont Avenue/Block 262/Lots 10 and 11/West Ward
187 Fairmount Avenue/Block 263/ Lot 41/West Ward
195 Fairmount Avenue/Block 263/Lots 45/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 Urban League of Essex County Opportunity Corporation (the "Entity"), 508 Central Avenue, Newark, New Jersey 07107; and
WHEREAS, the City desires to provide the Entity with Federal HOME Program Funds in the form of a deferred zero percent (0%) interest bearin...
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