Title
Dept/ Agency: Economic & Housing Development
Action: ( X ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Affordable Housing Agreement to provide HOME program funds to Community Asset Preservation Corporation
Purpose: HOME program funds provided to subsidize the substantial rehabilitation costs of five (5) properties totaling eleven (11) units to be sold and occupied by low income households.
Entity Name: Community Asset Preservation Corporation
Entity Address: 59 Lincoln Park, Newark, New Jersey 07102
Grant Amount: $550,000.00
Funding Source: HUD, HOME Funding
Contract Period: February 1, 2012 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)
439 South 15th Street /Block 328/ Lot 5/Central Ward
54 Blum Street /Block 306/ Lot 24/Central Ward
52 Blum Street /Block 306/ Lot 23/Central Ward
32 Salem Street /Block 4114/ Lot 21/West Ward
18 Salem Street /Block 4114/ Lot 14/West Ward
Additional Information:
N/A
body
WHEREAS, the City of Newark desires to enter into an Affordable Housing Agreement (the “Agreement“) with Community Asset Preservation Corporation (“the Entity”) having its principal place of business at 59 Lincoln Park, 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 Fifty Thousand Dollars ($550,000.00) 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 Community Preservation & Recovery Project to be located at 439 South 15th Street (Block 328, Lot 5), 54 Blum Street (Block 306, Lot 24), 52 Blum Street (Block 306, Lot 23), 32 Salem...
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