Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing (X) Amending
Type of Service: Amendment to Affordable Housing Agreement
authorized by Resolution 7R2-h (AS) adopted on February 19, 2020
Purpose: Authorizing the execution and delivery of an Amended and Restated Deed Restrictive Affordable Housing Agreement to Jelliff Senior Estates Urban Renewal, LLP.
Entity Name: Jelliff Senior Estates Urban Renewal, LLP
Entity Address: 71 Lake Avenue, Colonia, New Jersey 07067
Grant Amount: $500,000.00
Funding Source: Federal HOME Funds
Contract Period: Twenty-four (24) months
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient (X) n/a
List of Property: (if applicable)
(Address/Block/Lot/Ward)
226-230 Jelliff Avenue/Block 2681/Lots 31, 32/South Ward
220-224 Jelliff Avenue/Block 2681/Lot 34/South Ward
Additional Information:
Original Resolution 7R2-h(AS) adopted on February 19, 2020.
Project: The construction of a project upon real property located at 226-230 Jelliff Avenue, Newark, New Jersey (South Ward) (Block 2681, Lots 31 and 32), and 220-224 Jelliff Avenue, Newark, New Jersey (South Ward) (Block 2681, Lot 34) and consisting of fifty (50) affordable housing units for senior citizens in a rental housing project known as "Jelliff Senior Estate Apartments".
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WHEREAS, the City of Newark, New Jersey (the "City"), desires to enter into an Amended and Restated Deed Restrictive Affordable Housing Agreement (the "HOME Agreement") with the Jelliff Senior Estates Urban Renewal LLP (the "Entity") 71 Lake Avenue, Colonia, New Jersey 07067; and
WHEREAS, the City desires to provide the Entity with Federal HOME program funds in the form of a deferred interest-bearing loan for a per...
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