Title
Dept/ Agency: Economic Housing and Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Approving Amended and Restated HOME Affordable Housing Agreement and Assignment and Assumption Agreement
Project Information: RESOLUTION OF THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK CONSENTING TO THE EXECUTION OF AN AMENDED AND RESTATED HOME AFFORDABLE HOUSING AGREEMENT AND ASSIGNMENT AND ASSUMPTION AGREEMENT RELATING TO THE ASSIGNMENT OF THE AMENDED AND RESTATED HOME AFFORDABLE HOUSING AGREEMENT, MORTGAGE AND NOTE FROM LINCOLN PARK LIHTC, LLC TO LINCOLN PARK KRM, LLC FOR AN AFFORDABLE HOUSING PROJECT LOCATED AT 26-28 WEST KINNEY STREET, 22-24 WEST KINNEY STREET, 18-20 WEST KINNEY STREET, 15-17 LINCOLN PARK, 65 LINCOLN PARK, BLOCK 117, LOTS 1, 3, 6, BLOCK 118, LOT 31, BLOCK 123, LOT 33 ON THE TAX MAP OF THE CITY, (COLLECTIVELY, THE "PROJECT")
Additional Information:
body
WHEREAS, Lincoln Park LIHTC, LLC (the "Entity") is the owner of certain real property located at: (i) 65 Lincoln Park, in the City of Newark, County of Essex, State of New Jersey, and designated as Block 123, Lot 33; (ii) 15-17 Lincoln Park, in the City of Newark, County of Essex, State of New Jersey, and designated as Block 118, Lot 31; (iii) 26-28 West Kinney Street, in the City of Newark, County of Essex, State of New Jersey, and designated as Block 117, Lot 1; (iv) 22-24 West Kinney Street, in the City of Newark, County of Essex, State of New Jersey, and designated as Block 117, Lot 3; and (v) 18-20 West Kinney Street, in the City of Newark, County of Essex, State of New Jersey, and designated as Block 117, Lot 6, on the municipal tax map (collectively, the "Property"); and
WHEREAS, pursuant to Resolution 7R3-K040109 as duly adopted by the Municipal Council of the City of Newark on April 1, 2009 (the "Resolution"), and that certain First Amended HOME Program Affordable Housing Agreement, dated as of June 29, 2009, by and between the Entity and the City, a...
Click here for full text