Title
Dept/ Agency: Economic & Housing Development
Action: ( X ) Ratifying (X) Authorizing (X) Amending
Type of Service: Amendment/Assignment to Affordable Housing Agreement
authorized by Resolution 7R3-E Adopted on August 1, 2012
Purpose: Assign and Amend the name of the project to be funded with HOME program funds, amend the address of the project, amend the duration of the Agreement to complete the project, and incorporate the applicable regulations promulgated under the HOME INVESTMENT PARTNERSHIPS PROGRAM 24 CFR Part 92, Final Rule, September 16, 1996, and as amended on July 24, 2013.
Entity Name: Alpha Drive, LLC
Entity Address: 581-583 Dr. Martin Luther King Jr. Blvd, Newark, New Jersey 07102
Grant Amount: $500,000.00
Funding Source: HOME Program Funds
Contract Period: Amended to August 1, 2012 through December 1, 2015
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient ( x ) n/a
List of Property: (if applicable)
(Address/Block/Lot/Ward)
581 and 583 Dr. Martin Luther King Jr. Blvd/Block 2507/Lot(s) 55 & 56/Central Ward
Additional Information:
This resolution also is an assignment of the Affordable Housing Agreement between the City of Newark and High Street Heights, LLC to Alpha Drive, LLC , the new entity.
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WHEREAS, pursuant to Resolution 7R3-E adopted on August 1, 2012, the Municipal Council authorized the Deputy Mayor/Director of the Department of Economic and Housing Development on behalf of the City of Newark, to enter into and execute an Affordable Housing Agreement with High Street Heights, LLC, of 580 Dr. Martin Luther King Jr. Blvd, Newark, New Jersey 07102, to subsidize the rehabilitation costs of five (5) of the twelve (12) units of permanent supportive housing located at 577-579 ...
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