Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Affordable Housing Agreement for SLFRF Funds
Purpose: To authorize the execution of a Deed Restrictive SLFRF Affordable Housing Agreement to Oak Towers Urban Renewal Entity, LLC.
Entity Name: Oak Towers Urban Renewal Entity, LLC
Entity Address: 150 East 52nd Street, 14th Floor, New York, New York 10022
Grant Amount: $3,600,000.00
Funding Source: Federal SLFRF Program Funds
Contract Period: HOME Program Funds must be expended within forty-eight (48) months from the date of adoption
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale (X) Grant ( ) Sub-recipient ( ) n/a
List of Property:
(Address/Block/Lot/Ward)
2-8, 18-22, 24, 26, 28 and 30 Stratford Place/Block 2668/Lots 1, 9, 12, 13, 14 and 15 (South Ward)
Additional Information:
This is an Affordable Housing Agreement for SLFRF Funds to Oak Towers Urban Renewal Entity, LLC for the construction of the Oak Towers Project consisting of a complete renovation of two (2) mid-rise multi-family residential affordable and supportive buildings that will consist of seventy-five (75) rental units (28 SLFRF subsidized), upon property located at 2-8, 18-22, 24, 26, 28 and 30 Stratford Place (Block 2668, Lots 1,9,12,13,14 and 15) (South Ward).
The Project will include seventy-five (75) residential units, twenty-eight (28) of which shall be SLFRF affordable housing units, on-site parking spaces, laundry facilities and a community room.
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WHEREAS, on or about May 19, 2021, the U.S. Department of the Treasury (the "U.S. Treasury") notified the City of Newark (the "City") that it would receive a total of One Hundred Seventy-Six Million Six Hundred Sixty-Seven Thousand Six Hundred Six Dollars and Zero Cents ($...
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