Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Affordable Housing Agreement
Purpose: HOME Program funds provided to subsidize the construction costs of eleven (11) of the ninety-six (96) units within the multi-family rental project. The HOME assisted units will be affordable to low and very low income households, eighty-five (85) units are designated as market rate.
Entity Name: Cherry Park, LLC or an entity under common control of Cherry Park, LLC to be formed under the laws of the State of New Jersey.
Entity Address: 480 North 4th Street, Newark, New Jersey 07107
Grant Amount: $800,000.00
Funding Source: HUD, HOME Funding
Contract Period: The contract period shall run from the date of adoption until September 30, 2014
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient ( x ) n/a
List of Property:
(Address/Block/Lot/Ward)
144-178 Sylvan Avenue, Newark, New Jersey 07104, Block 839.01, Lot 32, North Ward
Additional Information:
Project Name: Cherry Park Apartments Project
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Whereas, the City of Newark desires to enter into an Affordable Housing Agreement (the “Agreement“) with Cherry Park, LLC or an entity under common control of Cherry Park, LLC, to be formed under the laws of the State of New Jersey (“the Entity”), having its principal place of business at 480 North 4th Street, Newark, New Jersey 07107; and
Whereas, the City of Newark desires to provide the entity with Federal HOME program funds in the form of a deferred loan for a period of twenty (20) years, pursuant to the HOME program (24 CFR part 92) and any amendments, thereto; and
Whereas, the Agreement is for the amount of Eight Hundred Thousand Dollars ($800,000.00) in fe...
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