Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Affordable Housing Agreement to authorize HOME funds to Somerset Brownstones, a family rental apartment building.
Purpose: To authorize HOME funds to subsidize the rehabilitation costs for sixty (60) rental housing units. HOME program funds are designated for eleven (11) units in the project and will be affordable to very low income households.
Entity Name: Somerset Brownstones Urban Renewal Associates, LP
Entity Address: 3 East Stow Road, Marlton, New Jersey 08053
Grant Amount: $1,356,946.00
Funding Source: HUD, HOME Funding
Contract Period: Two years from the date of execution of the Affordable Housing Agreement
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:
(Address/Block/Lot/Ward)
25-49 Somerset Street and 50-76 Barclay Street /Block 2556/ Lot 1.02 /Central Ward
Additional Information:
Ordinance # 6PSFB(S) 043012, granted entity a thirty (30) year Long Term Tax Exemption.
Resolution # 7R3-A(S) 112911, approved contract with the entity for Private Sale/Redevelopment of the property.
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WHEREAS, the City of Newark desires to enter into an Affordable Housing Agreement (the “Agreement”) with Somerset Brownstones Urban Renewal Associates, L.P., (hereinafter referred to as the “Entity”) having its principal place of business at 3 East Stow Road, Marlton, New Jersey 08053; and
WHEREAS, the City of Newark desires to provide the Entity with federal HOME program funds, in the amount of One Million, Three Hundred Fifty Six Thousand, Nine Hundred and Forty-Six Dollars ($1,356,946.00) pursuant to the HOME Investment Partnership Program (24 CFR part 92) and any amendments ther...
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