Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Execute a Deed Restrictive Affordable Housing Agreement for HOME ARP Funds
Purpose: To authorize the execution of a Deed Restrictive HOME ARP Affordable Housing Agreement with Fairmount Commons Urban Renewal Associates, L.P., for the construction of two (2) new residential affordable housing buildings that will consist of seventy (70) residential rental units (the "Project"), eleven (11) of which such units shall be subsidized by the City, designated as HOME ARP Program Units and serve households who are homeless or at risk of being homeless (as defined in 24 C.F.R. ?91.5 as part of the HOME ARP Program) having annual incomes of 30% or less of Area Median Income ("AMI") as determined using the standards set by the Department of Housing and Urban Development ("HUD") for the HOME ARP Program.
Entity Name: Fairmount Commons Urban Renewal Associates, L.P.
Entity Address: 77 Park Street, Montclair, New Jersey 07042
Grant Amount: $2,343,357.00
Funding Source: Federal HOME ARP Program Funds
Contract Period: HOME ARP 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)
381-395 South Orange Avenue (Block 1784, Lot 35) (West Ward) of the Tax Map of the City of Newark, County of Essex, State of New Jersey, and 331 - 335 South 11th Street (Block 1784, Lot 6 (formerly Lots 6, 7 and 8) (West Ward)
Additional Information:
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WHEREAS, the City is a participating jurisdiction with the United States Department of Housing and Urban Development ("HUD") that has received approval to receive a block grant f...
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