Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Affordable Housing Agreement for Federal HOME Funds
Purpose: To authorize the execution of an Affordable Housing Agreement with MCI Construction Services, LLC.
Entity Name: MCI Construction Services, LLC
Entity Address: 569 Martin Luther King Boulevard, Suite 303, Newark, New Jersey 07102
Grant Amount: $300,000.00
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)
192 South 10th Street/Block 1814/Lot 57/West Ward
223 South 10th Street/Block 1814/Lot 24/West Ward
Additional Information:
The entity will construct two (2) new two-family homes consisting of a total of four (4) residential rental units (3 HOME subsidized), one (1) of which shall be an unrestricted market rate rental unit and three (3) of which shall be deed-restricted affordable rental units, upon properties located at 192 South 10th Street (two (2) three (3) bedroom apartment units) and 223 South 10th Street (two (2) three (3) bedroom apartment units) (Block 1814, Lot 57 and Block 1814, Lot 24, respectively) (West Ward) of the Official Tax Map of the City of Newark, County of Essex, State of New Jersey.
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 MCI Construction Services, LLC (the "Entity"), 569 Martin Luther King Boulevard, Suite 303, Newark, New Jersey 07102; and
WHEREAS, the City desires to provide the Entity with Federal HOME Program Funds in...
Click here for full text