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 449 WASHINGTON STREET URBAN RENEWAL CO, LLC., for the construction of a new residential affordable housing building that will consist of ten (10) affordable rental units (the "Project") upon real property located at 449 Washington Street (Central Ward) of the Tax Map of the City of Newark, County of Essex, State of New Jersey 07114 (Block 115, Lot 15) (the "Property)
Entity Name: 449 WASHINGTON STREET URBAN RENEWAL CO. LLC
Entity Address: 27 Austin Street, Newark, New Jersey 07114
Grant Amount: $1,000,000.00
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)
449 Washington Street (Central Ward) of the Tax Map of the City of Newark, County of Essex, State of New Jersey 07114 (Block 115, Lot 15)
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 449 WASHINGTON STREET URBAN RENEWAL CO. LLC (the "Entity"), having its principal place of business at 27 Austin Street, Newark, New Jersey 07114, 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 Count...
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