Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Affordable Housing Agreement Loan
Purpose: A resolution authorizing the execution of an Affordable Housing Agreement to New Horizons Phase I Urban Renewal Associates, L.P. for the construction of the mixed-use New Horizons Project consisting of eighty nine (89) residential units, four (4) of which shall be HOME affordable housing units, parking spaces, a community room, a leasing/management office, and commercial retail space.
Entity Name: New Horizons Phase I Urban Renewal Associates, L.P.
Entity Address: 3 East Stow Road, Suite 100, P.O. Box 994, Marlton, New Jersey 08053
Grant Amount: $500,000.00
Funding Source: Federal HOME Funds
Contract Period: Date of Adoption to remain in effect for the period of affordability of 50 years. HOME program funds must be expended within 48 months from the date of adoption
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a
List of Property:
(Address/Block/Lot/Ward)
220-280 Irvine Turner Boulevard/Block 2580.1, Lot 2.04/ Central Ward
Additional Information:
Resolution 7R3-h(A.S.) May 22, 2013
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WHEREAS, the City of Newark, New Jersey (the "City"), desires to enter into and execute a Deed Restrictive Affordable Housing Agreement (the "Agreement") with New Horizons Phase I Urban Renewal Associates, L.P. (the "Entity"), having its principal place of business at 3 East Stow Road, Suite 100, P.O. Box 994, Marlton, New Jersey 08053; and
WHEREAS, the City desires to provide the Entity with Federal HOME Program funds in the form of an interest bearing deferred payment loan for a period of fifty (50) years pursuant to the Federal HOME Loan Program (24 CFR part 92) and any amendments the...
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