Title
Dept/Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Loan agreement
Purpose: To authorize the execution of an Affordable Housing Agreement to SH Residences, LP for the construction of the Residences at Symphony Hall Project consisting of sixty (60) affordable residential units, fifty-five (55) parking spaces, a community room, a leasing/management office, laundry facilities, and a social services suite.
Entity Name: SH Residences, LP
Entity Address: 5 Powell Lane, Collingswood, New Jersey 08108
Loan Amount: $950,000.00
Funding Source: Federal HOME Funds
Loan Term: December 13, 2016 through December 13, 2046_
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a
Additional Information:
395-407 Halsey Street/Block 116/Lot 30/Central Ward
body
WHEREAS, the City of Newark, New Jersey (the "City"), desires to enter into an Affordable Housing Agreement (the "Agreement") with SH Residences, LP (the "Entity"), having its principal place of business at 5 Powell Lane, Collingswood, New Jersey 08108; and
WHEREAS, the City desires to provide the Entity with Federal HOME Program funds in the form of an interest bearing deferred payment loan for a period of thirty (30) years pursuant to the Federal HOME Program (24 CFR Part 92) and any amendments thereto; and
WHEREAS, the Agreement is for the amount of Nine Hundred Fifty Thousand Dollars and Zero Cents ($950,000.00) in Federal HOME Program funds for the Residences at Symphony Hall project to be located at 395-407 Halsey Street/Block 116/Lot 30/Central Ward (the "Property"), consisting of the construction of the Residences at Symphony Hall Project consisting of sixty (60) residential units, fifty-five (55) parking spaces, a community room, a ...
Click here for full text