Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Execute Affordable Housing Agreement for SLFRF Funds
Purpose: To authorize the execution of a Deed Restrictive SLFRF Affordable Housing Agreement to Bergen Street Redevelopment Urban Renewal LLC for the construction of two (2) mixed-use buildings with a total of forty-two (42) residential units, six (6) of which shall be SLFRF affordable housing units deed-restricted for use and occupancy by individuals or households having annual incomes less than sixty percent (60%) of the AMI.
Entity Name: Bergen Street Redevelopment Urban Renewal LLC
Entity Address: 953 Bergen Street, Newark, New Jersey 07112
Grant Amount: $1,534,126.83
Funding Source: Federal SLFRF Program Funds
Contract Period: Date of adoption by the Municipal Council through the expiration of the twenty (20) year Affordability Period.
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)
1057-1059 Bergen Street/Block 3660/Lot 11/South Ward
1037-1047 Bergen Street/Block 3661/Lot 3/ Additional Lots 5 and 8
South Ward
Additional Information:
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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 that it would receive a total of $176,667,606.00 of federal stimulus funds under Public Law No: 117-2 (3/11/2021) American Rescue Plan Act of 2021, as amended or supplemented (“ARPA”), which President Biden signed into law on March 11, 2021, as awarded pursuant to the Coronavirus State and Local Fiscal Recovery Funds (“SLFRF” or the “SLFRF Award”), providing additional relief to address the continued impact of COVID-19 on the economy, public health, state and local...
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