Title
Dept/ Agency: Economic & Housing Development
Action: ( X ) Ratifying (X) Authorizing (X) Amending
Type of Service: Amending Resolution #7R3-a(s) 091912 contract with Sub-recipient
,
Purpose: First Amended Affordable Housing Agreement
Entity Name: Cherry Park, LLC or an entity under common control of Cherry Park, LLC
Entity Address: 480 North 4th Street, Newark, New Jersey 07107
Grant Amount: $800,000.00 (Eight Hundred Thousand and Zero Cents)
Funding Source: Community Development Block Grant HOME Program
Contract Period: September 19, 2012 through September 18, 2016
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( X ) Grant ( X ) Sub-recipient ( ) n/a
List of Property: (If applicable)
(Address/Block/Lot/Ward)
144-178 Sylvan Avenue, Newark, New Jersey 07104 North Ward/Block 839.01, Lot 32
Additional Information:
Affordable Housing Grant Agreement approved under Resolution #7R3-a(s) 091912
Extend term of Agreement from September, 2014 through September 18, 2016
body
WHEREAS, the City of Newark secured funds from the Community Development Block Grant (CDBG) Federal HOME program for the purpose of soliciting developers to provide affordable low income subsided housing throughout the City of Newark; and
WHEREAS, pursuant to Resolution 7R3-a(s), approved on September 19, 2012, the Municipal Council authorized the Deputy Mayor/Director, Department of Economic & Housing Development to enter into and execute an Affordable Home Agreement with Cherry Park, LLC, or an entity under common control of Cherry Park, LLC, having its principal address at 480 North 4th Street, Newark, NJ 07107 in the amount of eight hundred thousand dollars, ($800,000.00) to subsidize eleven (11) of the ninety-six (96) rental low income affordable housing units located ...
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