Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Affordable Housing Agreement for Home Funds
Purpose: To authorize the execution of an Affordable Housing Agreement to 446 ITB Urban Renewal, LLC, for the complete renovation of an existing four-story structure consisting of twenty-nine (29) rental units, of which four (4) are HOME subsidized, at the property located at 446-450 Irvine Turner Boulevard.
Entity Name: 446 ITB Urban Renewal, LLC
Entity Address: 116 Village Boulevard, Suite 307, Princeton, New Jersey 08540
Grant Amount: $400,000.00
Funding Source: Federal HOME Program Funds
Contract Period: Funds must be expended within forty-eight (48) months from the date of adoption
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale (X) Grant ( ) Sub-recipient ( ) n/a
List of Property:
(Address/Block/Lot/Ward)
446-450 Irvine Turner Boulevard/Block 2693/Lot 22/South Ward
Additional Information:
Deferred 7R2-b 011823
body
WHEREAS, the City of Newark, New Jersey (the "City"), desires to enter into and execute a Deed Restrictive Affordable Housing Agreement (the "AHA") with 446 ITB Urban Renewal, LLC, 116 Village Boulevard, Suite 307, Princeton, New Jersey 08540 (the "Entity"); and
WHEREAS, the City desires to provide the Entity with Federal HOME Program Funds in the form of a deferred zero percent (0%) interest bearing loan for a period of twenty (20) years pursuant to the Federal HOME Loan Program (24 C.F.R. Part 92) and any amendments thereto; and
WHEREAS, the AHA is for the amount of Four Hundred Thousand Dollars and Zero Cents ($400,000.00) in Federal HOME Program Funds for the project known as Irvine Turner Apartments located at 446-450 Irvine Turner Boulevard, and on the Official Tax Map of the City o...
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