Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Affordable Housing Agreement for the construction of sixty (60) affordable residential units, five (5) of which shall be HOME-Assisted affordable housing units and on-site parking spaces.
Purpose: To authorize the execution and delivery of a Deed Restrictive Affordable Housing Agreement to Somerset Brownstones Urban Renewal Associates, L.P., to subsidize the costs for construction of the project.
Entity Name: Somerset Brownstones Urban Renewal Associates, L.P.
Entity Address: 2 Cooper Street, 14th Floor, Camden, New Jersey 08101
Grant Amount: $500,000.00
Funding Source: HOME Funds
Contract Period: Two (2) years not to exceed three (3) years from the date of adoption of this resolution by the Municipal Council
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale (X) Grant ( ) Sub-recipient ( ) n/a
(Address/Block/Lot/Ward)
25-49 Somerset Street and 50-76 Barclay Avenue/Block 2556/Lot 1.02/Central Ward
Additional Information:
25-49 Somerset Street is also known as 50-76 Barclay Avenue, Newark, New Jersey and is identified on the Official Tax Map of the City of Newark as Block 2556/Lot 1.02 (Central Ward) they are one and the same property.
An official copy of Tax Map is attached to the file.
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WHEREAS, the City of Newark, New Jersey (the "City"), desires to enter into and execute a Deed Restricted Affordable Housing Agreement (the "Agreement") with Somerset Brownstones Urban Renewal Associates, L.P. (the "Entity"), having its principal place of business at 2 Cooper Street, 14th Floor, Camden, New Jersey 08101; and
WHEREAS, the City desires to provide the Entity with Federal HOME Program funds in the form of an interest bearing deferred payment loan...
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