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 Vailsburg Prospects (the "Project") which consists of the acquisition and/or rehabilitation of three vacant and/or abandoned and/or foreclosed properties to be made affordable to individuals or families whose incomes do not exceed 120% of AMI
Entity Name: Unified Vailsburg Services
Entity Address: 42 Richelieu Terrace, Newark, New Jersey 07106
Grant Amount: $150,000.00
Funding Source: United States 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: (If applicable)
(Address/Block/Lot/Ward)
123-125 Lindsley Avenue/ Block 4067/Lot 38/West Ward
30 Alexander Street/ Block 4057/Lot 19/West Ward
61-63 Brookdale Avenue/Block 4065/Lot 63/West Ward
Additional Information:
Funds applied for and accepted by Resolution7R3-N (AS) 021611
body
WHEREAS, the United States 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 Fran...
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