Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Affordable Housing Agreement
Purpose: HOME Program funds to subsidize the construction costs of eleven (11) units within the eighty-eight residential (88) units, five story mixed-use, mixed-income, multi-family rental project. Units assisted with HOME program funds must be occupied by low and very low income households
Entity Name: Downtown Partners Urban Renewal Associates, LPEntity Address: 77 Park Street, Montclair, New Jersey 07042
Grant Amount: $1,057,652.00
Funding Source: HUD, HOME Funding
Contract Period: Two years from the date of adoption of this authorizing resolution by the 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)
999-1005 Broad Street/ /Block 111/ Lot 70/ Central Ward
Additional Information:
Project Name: 999 Broad Street Phase I Project
body
Whereas, the City of Newark desires to enter into an Affordable Housing Agreement (the “Agreement“) with Downtown Partners Urban Renewal Associates, LP (“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 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 Fifty Seven Thousand Six Hundred Fifty Two Dollars ($1,057,652.00) in federal HOME program funds for the 999 Broad Street Phase I Project to be located at 999-1005 Broad Street, Newark, New Jersey (Block 111, Lot 70) in the Central Ward (the “Project”) and su...
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