Title
Dept/ Agency: Economic & Housing Development
Action: ( X ) Ratifying (X) Authorizing ( ) Amending
Type of Service Agreement with Sub-recipient
Purpose: Provide NSP3 grant funds to subsidize the Project known as the 892 South 20th St. (the "Project") which consists of the acquisition and/or rehabilitation of a single vacant and/or abandoned and/or foreclosed property, to be made affordable to individuals or families whose incomes do not exceed 120% of AMI
Entity Name: Housing and Neighborhood Development Services, Inc.
Entity Address: 15 South Essex Ave, Orange, New Jersey 07050
Grant Amount: $100,000.00
Funding Source: U.S. Department of Housing and Urban Development
Contract Period: November 1, 2012 through August 31, 2013
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)
892 South 20th Street /Block 3015/Lot 3/South Ward
Additional Information:
Funds applied for and accepted by Resolution 7R3N (AS )021611
body
WHEREAS, the U.S. Department of Housing and Urban Development (HUD) under Section 1497 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Pub. L. 111-203, approved July 21, 2010) (Dodd Frank Act) made Neighborhood Stabilization Program 3 (NSP3) funds available through a direct allocation to states and entitlement communities for eligible housing activities to be made affordable to individuals or families whose incomes do not exceed 120% of Area Medium Income (AMI); and
WHEREAS, in its Notice of Allocations, Regulatory Waivers Granted to and Alternative Requirements and Statutory Program Requirements for the Dodd Frank Act (the "Notice"), HUD published detailed requirements relating to the implementation of the Dodd Frank Act; and
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