Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Contract with Sub-recipient
Purpose: Rehabilitation of 7 Affordable Housing units
Entity Name: Ballantine Manor Urban Renewal Associates, L.P.
Entity Address: 77 Park St, Montclair, New Jersey 07042
Grant Amount: $580,000.00
Funding Source: Neighborhood Stabilization Program 3
Contract Period: Twenty-four (24) months commencing upon the complete execution of this agreement by all of the parties.
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( x ) Grant ( X ) Sub-recipient ( ) n/a
List of Property: ()
(Address/Block/Lot/Ward)
527-533 Mt Prospect Ave/Block 682/Lot 25/North Ward
Additional Information:
Funds accepted by Resolution 7R3N(AS) 021611
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WHERAS, 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
WHEREAS, the use of NSP3 funds are governed by the rules related to the Community Development Block Grant ("CDBG") Program established pursuant to Title I of the Housing and Community Development Act of 1974, Public Law...
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