Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Execute Affordable Housing Trust Fund Grant Agreement under the Homeownership Development Program
Purpose: To authorize the execution of an Affordable Housing Trust Fund Grant Agreement with Four Quarter Partners, LLC, to provide financial assistance from the City’s Affordable Housing Trust Fund for the new construction of two (2) two-family homes, consisting of four (4) residential units at 276 South 9th Street (Block 1782, Lot 67.02) and 278 South 9th Street (Block 1782, 67.01), Newark, New Jersey (West Ward), under the City’s Homeownership Development Program, to create affordable homeownership opportunities for income-qualified households earning at or below eighty percent (80%) of the Area Median Income (AMI), subject to a twenty (20) year affordability period
Entity Name: Four Quarter Partners, LLC
Entity Address: 76 Academy Court, Bedminster, New Jersey 07921
Grant Amount: $676,000.00
Funding Source: Affordable Housing Trust Fund
Contract Period: Forty-Eight (48) months from the date of adoption by the Municipal Council, subject to the terms and conditions of the Affordable Housing Trust Fund Agreement.
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( X ) RFP ( ) RFQ
( ) Private Sale (X) Grant ( ) Sub-recipient ( ) n/a
List of Property:
(Address/Block/Lot/Ward)
278 South 9th Street/Block 1781/Lot 67.01/West Ward
276 South 9th Street/Block 1781/Lot 67.02/West Ward
Additional Information:
The City of Newark issued a Request for Proposals on August 20, 2024, under its Homeownership Development Program, allocating funds from the Affordable Housing Trust Fund to support the development of affordable homeownership. Four Quarter Partners, LLC submitted a proposal in response to the RFP and was selected to rece...
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