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 construction and pre-development costs of eleven (11) of the sixty-one (61) units within the multi-family rental project. The HOME assisted units will be affordable to low and very low income individuals
Entity Name: Fairmount Senior Genesis Housing Urban Renewal Partnership, LLC
Entity Address: 594 Broadway, Suite 1107, New York, New York 10012
Grant Amount: $1,875,000.00
Funding Source: HUD, HOME Funding
Contract Period HOME funds provided under the Agreement shall be for a period of two (2) years, and not to exceed four years, from the date of adoption 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)
124-130 Fairmount Avenue/ /Block 259/ Lot 21/ West Ward
111-117 Eleventh Avenue/ Block 1826/ Lot 35/ West Ward
Additional Information:
Proposed funding:
1st Mortgage $1,500,000.00
FHLB AHP $600,000.00
Deferred Developer Fee $870,000.00
LIHTC Equity $11,429,318.00
Unsecured Source $3,104,091.00
Resolution 7R3-f(S) 090111, Approved Thirty (30) year Tax Abatement
Resolution 7R3-g (AS) 080311, Supported application for NJHMFA Low Income Tax Credit funding
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WHEREAS, the City of Newark desires to enter into an Affordable Housing Agreement (the “Agreement“) with Fairmount Senior Genesis Housing Urban Renewal Partnership, LLC (“the Entity”) having its principal place of business at 594 Broadway, Suite 1107, New York, New York 10012; and
WHEREAS, the City of Newark desires to provide the ent...
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