Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Affordable Housing Agreement for HOME Fund.
Purpose: To authorize the execution of an Affordable Housing Agreement with Hamlett Management, LLC to develop and construct a new mixed-use multi-family residential and affordable housing project consisting of nine (9) residential rental units and two (2) commercial units at the property located at 275-277 16th Avenue.
Entity Name: Hamlett Management, LLC
Entity Address: Maplewood, New Jersey 07040
Grant Amount: $269,900.00
Funding Source: Federal HOME Program Funds
Contract Period: Funds must be expended within forty-eight (48) months from the date of Municipal Council 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)
275-277 16th Avenue/Block 334/Lot 1/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 Hamlette Management, LLC, 1929 Springfield Avenue, Maplewood, New Jersey 07040 (the "Entity"); 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; and
WHEREAS, the AHA is for the amount of Two Hundred Sixty-Nine Thousand Nine Hundred Dollars and Zero Cents ($269,900.00) in Federal HOME Program Funds for the project located at 275-277 16th Avenue and on the Official Tax Map of the City of Newark, as Block 334, Lot 1 (West Ward), County of E...
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