Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: HOME Loan
Purpose: To grant financial assistance for a project consisting of fifty (50) affordable housing units located within the South Ward Redevelopment Plan, as amended and supplemented and identified on the official tax map of the City as Block 2681, Lots 31 and 32, and Block 2681, Lot 34.
Entity Name: Jelliff Senior Estates Urban Renewal, LLP
Entity Address: 71 Lake Avenue, Colonia, New Jersey 07067
Grant Amount: $500,000.00
Funding Source: Federal HOME Funds
Total Project Cost: $12,960,574.00
City Contribution: $500,000.00
Other Funding Source/Amount: LIHTC $5,168,146.00; Construction Bank Loan $6,470,242.00; and Borrowers Equity $322,186.00
Contract Period: Twenty-four (24) months
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)
226-230 Jelliff Avenue/Block 2681/Lots 31, 32/South Ward
220-224 Jelliff Avenue/Block 2681/Lot 34/South Ward
Additional Information:
body
WHEREAS, the City of Newark, New Jersey (the "City"), desires to enter into an Affordable Housing Agreement (the "Agreement"), with Jelliff Senior Estates Urban Renewal, LLP ("the Entity") having its principal place of business at 71 Lake Avenue, Colonia, New Jersey 07067; and
WHEREAS, the City desires to provide the Entity with Federal HOME program funds in the form of a deferred loan for a period of thirty (30) years pursuant to the HOME Program (24 CFR part 92) and any amendments thereto; and
WHEREAS, the Agreement is for the amount of Five Hundred Thousand Dollars and Zero Cents ($500,000.00), in Federal HOME program funds for the Project to be located at 226-230 Jelliff...
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