Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Affordable Housing Agreement
Purpose: HOME funds to subsidize the new construction costs for eleven (11) of the fifty (50) rental housing units for seniors
Entity Name: Spruce Senior Urban Renewal Associates, LP
Entity Address: 3 East Stow Road Suite 100, Marlton, New Jersey 08053
Grant Amount: $1,556,946.00
Funding Source: HUD, HOME Funding
Contract Period: Two years from the date of adoption of this authorizing resolution by Municipal Council.
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)
136-146 Spruce Street, Newark, New Jersey 07108 /Block 2556/ Lot 61/ t Central Ward
Additional Information:
Project name: Spruce Street Senior Apartments Project
body
WHEREAS, the City of Newark desires to enter into an Affordable Housing Agreement (the “Agreement”) with Spruce Senior Urban Renewal Associates, LP, (“Entity”) having its principal place of business at 3 East Stow Road, Marlton, New Jersey 08053; 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 thirty (30) years, pursuant to the HOME program (24 CFR part 92) and any amendments thereto; and
WHEREAS, the Agreement is for the amount of One Million, Five Hundred Fifty Six Thousand, Nine Hundred Forty-Six Dollars ($1,556,946.00) in federal HOME program funds for the Spruce Street Senior Apartments Project to be located at 136-146 Spruce Street, Newark, New Jersey 07108 (Block 2556, Lot 61) in the Central Ward (the “Project”) and such funds will be used to subsidize the new construction costs for eleven (11) of the fifty (50) rent...
Click here for full text