Title
Dept/ Agency: Economic and Housing Development
Action: (X) Ratifying (X) Authorizing (X) Amending
Type of Service: Amend an Affordable Housing Agreement
Purpose: To amend Resolution 7R3-e adopted on September 21, 2016, to which awarded $500,000.00 in HOME Funds to the Urban League of Essex County Opportunity Corporation, in order to authorize a First Amended Affordable Housing Agreement to:
(1) amend the duration of the Affordable Housing Agreement from December 31, 2016 through December 31, 2018 to December 31, 2016 through November 30, 2020; and
(2) award additional HOME Funds in the amount of $195,045.00 for a total allocation of $695,045.00, to subsidize the construction and development costs of eleven (11) HOME assisted units within a twenty-two (22) unit residential project comprising of: four (4) three (3) family homes creating twelve (12) new units, two (2) two (2) family homes creating four (4) new units and rehabilitating one (1) three (3) family home, one (1) two (2) family home and one (1) one (1) family home creating six (6) rehabilitated units.
The requested increase in HOME Funds results from unanticipated expenses encountered in the course of completing the Project, including, but not limited to, remediation and clearance of underground oil tanks and fees for water and sewer connections.
Entity Name: Urban League of Essex County Opportunity Corporation
Entity Address: 508 Central Avenue, Newark, New Jersey 07107
Loan Amount: $195,045.00 in additional funding to the original loan amount of $500,000.00 for a total loan amount of $695,045.00
Loan Term: December 31, 2016 through November 30, 2020
Additional Information:
Total of 11 (eleven) HOME assisted units:
217-219 Fairmount Avenue; Block 263, Lot 58.01 - three (3) family
221 Fairmount Avenue; Block 263, Lot 58.02 - three (3) family
227 Fairmount Avenue; Block 263, Lot 61.01 - three (3) family
229 Fairmount Avenue; Block 263, Lot 61.02 - two (2) family
228 Fairm...
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