Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Affordable Housing Agreement to provide HOME program funds to High Street Heights, LLC
Purpose: HOME Program funds provided to subsidize the substantial rehabilitation of five (5) of the twelve (12) rental housing units in the project. The units are to be occupied by low and very low income homeless individuals and families with special needs.
Entity Name: High Street Heights, LLC
Entity Address: 580 Dr. Martin Luther King, Jr. Blvd. Newark, New Jersey 07102
Grant Amount: $500,000.00
Funding Source: HUD, HOME Funding
Contract Period: From the date of adoption of this authorizing resolution by the Municipal Council until 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)
577-579 Dr. Martin Luther King, Jr. Blvd. / Block 2507/ Lot 19/Central Ward
581-583 Dr. Martin Luther King, Jr. Blvd./ Block 2507/ Lots 55 -56/ Central Ward
Additional Information:
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WHEREAS, the City of Newark desires to enter into an Affordable Housing Agreement (the “Agreement“) with High Street Heights LLC (“the Entity”) having its principal place of business at 580 Dr. Martin Luther King Jr. Blvd., Newark, New Jersey 07102; and
WHEREAS, the City of Newark desires to provide the Entity with federal HOME program funds in the amount of Five Hundred Thousand Dollars ($500,000.00) pursuant to the HOME program (24 CFR part 92) and any amendments thereto; and
WHEREAS, the Agreement is for federal HOME program funds for the High Street Heights Project to be located at 577-579 Dr. Martin Luther King, Jr. Blvd. (Block 2507, Lot 19) and 581-583 Dr. Martin Luther King, Jr. Blvd. (Block 2507, Lo...
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