Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Support Grant Application
Purpose: CHOICE funds to support the development of 24 housing units for sale to be sold at subsidized market rate (emerging market)
Entity Name: The Mid-Atlantic Investment Alliance, LLC
Entity Address: 11 Florence Place, West Orange, New Jersey 07052
Grant Amount: $1,200,000.00
Funding Source: CHOICE Funds
Total Project Cost: $5,076, 000.00
City Contribution: N/A
Other Funding Source/Amount: N/A
Contract Period: N/A
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient ( x ) n/a
List of Property: (if applicable)
(Address/Block/Lot/Ward)
Address Block Lot Ward
31 Brunswick Street 2826 37 East Ward
33 Brunswick Street 2826 38 East Ward
27 Brunswick Street 2826 35 East Ward
90-96 Clinton Avenue 2826 3 East Ward
29 Brunswick Street 2826 36 East Ward
Additional Information:
Project name is -Lofts at Lincoln Park Project
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WHEREAS, the City of Newark desires to support the development of 24 units of housing as outlined in Exhibit A for the development known as The LOFTS AT LINCOLN PARK PROJECT to be funded under the New Jersey Housing and Mortgage Finance Agency’s (”the Agency”) Choices in Home Ownership Incentives Created for Everyone (“CHOICE”) program; and
WHEREAS, the City of Newark supports an affordable housing grant from the Agency in the amount of $1,200,000.00 or an amount not to exceed the maximum amount allowed in accordance with the CHOICE Subsidy for the purpose of subsidizing the construction of homeownership; and
WHEREAS, the CHOICE Subsidy will, when applicable...
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