Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Affordable Housing Agreement
Purpose: To provide HOME Program funds to subsidize the construction and pre-development costs of Ten(10) of approximately eighty-nine (89) rental units to be constructed within the multi-family project known as Hampton Valley Apartments (the "Project"). The HOME assisted units will be affordable to low income households
Entity Name: Hampton Valley Urban Renewal, Limited Partnership
Entity Address: 136 Elizabeth Avenue, Newark, New Jersey 07108
Grant Amount: $250,000.00
Funding Source: HUD, HOME Funding
Contract Period: The use of HOME funds provided under the Agreement shall be for a period of two (2) years and not to exceed four years, from the date of adoption of this resolution by the Newark Municipal Council
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)
106-118 Elizabeth Avenue/Block 2784/Lot 3/South Ward
122-136 Elizabeth Avenue/Block 2777/Lot 1/South Ward
Additional Information:
Resolution 7R3-B(S) 102814; determined project meets existing housing need
Ordinance 6PSF-I 052015; granted project a thirty (30) year tax abatement
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WHEREAS, pursuant to Resolution 7R1-K, adopted January 7, 2015, the Mayor and/or his designee, the Business Administrator, were authorized to file FY2015 (Program Year 2014-2015) One-Year Action Plan with the U.S. Department of Housing and Urban Development (HUD), which contained requests for funds from four grant programs: Community Development Block Grants (CDBG), $6,569,453.00; HOME Investment Partnerships (HOME), $1,466,755.00; Housing Opportuni...
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