Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: First Affordable Housing Agreement with La Plaza Urban Renewal Associates L.P.
Purpose: HOME Program funds provided to subsidize the rehabilitation costs of eleven (11) rental units within the 30 unit project. The units will be occupied by very low income households
Entity Name: La Plaza Urban Renewal Associates, L.P.
Entity Address: 77 Park Street, Montclair, New Jersey 07042
Grant Amount: $372,000.00
Funding Source: HUD HOME Funding
Contract Period: From the date of adoption through March 30, 2014
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)
132-136 Broad Street, Block 522, Lot 34.05, North Ward
138-138 ½ Broad Street, Block 522, Lot 34.04, North Ward
140-142 Broad Street, Block 522, Lot 34.03, North Ward
142 ½ -144 Broad Street, Block 522, Lot 34.02, North Ward
146-148 Broad Street, Block 522, Lot 34.01, North Ward
Additional Information:
N/A
body
WHEREAS, the City of Newark desires to enter into an Affordable Housing Agreement (the “Agreement“) with La Plaza Urban Renewal Associates L.P. (the “Entity”) having its principal place of business at 77 Park Street, Montclair, New Jersey 07042; and
WHEREAS, the City of Newark desires to provide the Entity with Federal HOME program funds, in the amount of Three Hundred Seventy-Two Thousand Dollars ($372,000.00) pursuant to the HOME program (24 CFR part 92) and any amendments thereto; and
WHEREAS, the Agreement is for the Federal HOME program funds for The La Plaza Project to be located at 132-136 Broad Street (Block 522, Lot 34.05), 138-138 ½ Broad Street (Block 522, Lot 34.04), 140-142 Broad Street (Bl...
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