Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Affordable Housing Agreement for HOME Funds
Purpose: To authorize the execution of an 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: $276,646.00
Funding Source: Federal HOME 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 HOME 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 (2 HOME 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, two (2) of which shall be HOME affordable housing units, on-site parking spaces, laundry facilities and a community room.
body
WHEREAS, the City of Newark, New Jersey (the "City"), desires to enter into and execute a Deed Restrictive Affordable Housing Agreement (the "AHA") with Oak Towers Urban Renewal Entity, LLC (the "Entity"), having its principal place of business at 150 East 52nd Street, 14th Floor, New York, New York 10022; and
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