Title
Dept/Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Loan
Purpose: A Resolution authorizing certain modifications to the forms of Note, Mortgage and Security Agreement and Affordable Housing Agreement to be executed by the City of Newark, New Jersey, and SH Residences, LP, the Redeveloper, for the construction of the Residences at Symphony Hall Project consisting of sixty (60) affordable residential units, forty-five (45) 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 Program
Loan Term: Date of execution through April 30, 2047
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
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WHEREAS, the Municipal Council ("Council") of the City of Newark, New Jersey (the "City"), authorized by duly adopted Resolution 7R2-e(S) December 13, 2016 (the "Resolution") the entering into of an Affordable Housing Agreement (the "Agreement") and other related HOME Loan Documents (as such term is defined in the Resolution) with SH Residences, LP (the "Entity"), 5 Powell Lane, Collingswood, New Jersey 08108; and
WHEREAS, pursuant to Resolution 7R2-e December 13, 2016, the City authorized a redevelopment subsidy to the Entity using Federal HOME Program funds in the form of an interest bearing deferred payment loan (the "Loan") for a period of thirty (30) years pursuant to the Federal HOME Loan Program (24 CFR part 92) and any amendments thereto; and
WHEREAS, the Agreement is for the amount of Nine Hundred Fift...
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