Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Affordable Housing Agreement
Purpose: To provide HOME Program funds to subsidize the substantial rehabilitation of ten (10) of the twenty-four (24) units within the four story multi-family rental project. The HOME assisted units will be affordable to low and very low-income individuals.
Entity Name: Integrity, Inc.
Entity Address: 103 Lincoln Park, Newark, New Jersey 07102
Grant Amount: $424,645.00
Funding Source: HUD, HOME Funding
Contract Period: Two (2) years from the date of adoption of this authorizing resolution by the Newark Municipal Council
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)
5-7 Lincoln Park Newark, New Jersey 07102 (: /Block 118/ Lot 25/Central Ward
Additional Information:
Project Name: Mary’s House
body
WHEREAS, the City of Newark desires to enter into an Affordable Housing Agreement (the “Agreement“) with Integrity, Inc. (the “Entity”) having its principal place of business at 103 Lincoln Park, Newark, New Jersey 07102; 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 fifteen (15) years, pursuant to the HOME program (24 CFR part 92) and any amendments thereto; and
WHEREAS, the Agreement is for the amount of Four Hundred Twenty-Four Thousand Six Hundred Forty-Five Dollars ($424,645.00) in federal HOME program funds for the Mary’s House Project to be located at 5-7 Lincoln Park, Newark, New Jersey 07102 (Block 118, Lot 25) (Central Ward) (the “Project”) and such funds will subsidize the costs to substantially rehabilitate ten (10) of the twenty-four (24) units wi...
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