Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Affordable Housing Agreement to provide HOME Funds
Purpose: An Affordable Housing Agreement with Project Live, Inc. to renovate and improve a two (2) story low-rise multi-unit boarding house located at 75-79 Lincoln Avenue, Newark, New Jersey 07104, which consists of ten (10) single-resident occupancy units, seven (7) of which shall be HOME-assisted affordable housing units, four (4) offices, a kitchen, laundry room, dining room and three (3) common rooms.
Entity Name: Project Live, Inc.
Entity Address: 465-475 Broadway, Newark, New Jersey 07104
Grant Amount: $286,214.00
Funding Source: Federal HOME Program
Contract Period: To complete the project within two (2) years from the date of commencement of construction with up to a maximum of two (2) additional six (6) month extensions, with an affordability period of no less than twenty (20) years from the project completion date.
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)
75-79 Lincoln Avenue/Block 621/Lot 6/North Ward
Additional Information:
body
WHEREAS, the City of Newark, New Jersey (the "City"), desires to enter into and execute a Deed Restrictive Affordable Housing Agreement (the "Agreement") with Project Live, Inc. (the "Entity"), 465-475 Broadway, Newark, New Jersey 07104; 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 twenty (20) years from the date hereof as more particularly provided in the Note (the "Maturity Date"); and
WHEREAS, the Agreement is for the amount of Two...
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