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 Grant
Purpose: To authorize the execution of a Deed Restrictive HOME ARP Affordable Housing Agreement with New Community Homes Development LP, for the construction of a new four-story apartment building consisting of forty (40) one-bedroom units and eighty (80) two-bedroom units, with eleven (11) of such units to be subsidized by the City and designated as HOME ARP Program Units to serve households who are homeless, indigent 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 as determined using the standards set by the Department of Housing and Urban Development for the HOME ARP Program upon real property located at 202 South Orange Avenue (Central Ward) of the Tax Map of the City of Newark, County of Essex, State of New Jersey (Block 242, Lot 1) (Central Ward), which Project shall be a part of the City's First Amendment to the Central Ward Redevelopment Plan, adopted on August 17, 2005, by Ordinance No. 6PhS+FE(s), as amended to date.
Entity Name: New Community Homes Development LP
Entity Address: 233 West Market Street, Newark, New Jersey 07103
Grant Amount: $3,600,000.00
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)
202 South Orange Avenue (Central Ward) of the Tax Map of the City of Newark, County of Essex, State of New Jersey (Block 242, Lot 1) (Central Ward)
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